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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

Commission File Number 0-24763 (Regency Centers, L.P.)

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

Florida (REGENCY CENTERS CORPORATION)

59-3191743

Delaware (REGENCY CENTERS, L.P.)

59-3429602

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Independent Drive , Suite 114

Jacksonville , Florida 32202

( 904 ) 598-7000

(Address of principal executive offices) (zip code)

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $.01 par value

REG

The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class

Trading Symbol

Name of each exchange on which registered

None

N/A

N/A

Securities registered pursuant to Section 12(g) of the Act:

Regency Centers Corporation: None

Regency Centers, L.P.: Units of Partnership Interest

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act

Regency Centers Corporation    Yes No Regency Centers, L.P.    Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Regency Centers Corporation:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

Regency Centers, L.P.:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Regency Centers Corporation Regency Centers, L.P.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Regency Centers Corporation Regency Centers, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Regency Centers Corporation     Yes No Regency Centers, L.P.     Yes No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants' most recently completed second fiscal quarter.

Regency Centers Corporation $ 7.7 billion Regency Centers, L.P. N/A

The number of shares outstanding of the Regency Centers Corporation’s common stock was 169,828,953 as of February 15, 2021.

Documents Incorporated by Reference

Portions of Regency Centers Corporation's proxy statement in connection with its 2021 Annual Meeting of Stockholders are incorporated by reference in Part III.


EXPLANATORY NOTE

This report combines the annual reports on Form 10-K for the year ended December 31, 2020, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to “Regency Centers Corporation” or the “Parent Company” mean Regency Centers Corporation and its controlled subsidiaries and references to “Regency Centers, L.P.” or the “Operating Partnership” mean Regency Centers, L.P. and its controlled subsidiaries. The term “the Company”, “Regency Centers” or “Regency” means the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust (“REIT”) and the general partner of the Operating Partnership. The Operating Partnership’s capital includes general and limited common Partnership Units (“Units”). As of December 31, 2020, the Parent Company owned approximately 99.6% of the Units in the Operating Partnership. The remaining limited Units are owned by investors. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership’s day-to-day management.

The Company believes combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into this single report provides the following benefits:

Enhances investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as one business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company and employees of the Operating Partnership.

The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the co-issuer and guarantees the $200 million of Parent Company debt. The Operating Partnership holds all the assets of the Company and retains the ownership interests in the Company’s joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.

Stockholders’ equity, partners’ capital, and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital includes general and limited common Partnership Units. The limited partners’ units in the Operating Partnership owned by third parties are accounted for in partners’ capital in the Operating Partnership’s financial statements and outside of stockholders’ equity in noncontrolling interests in the Parent Company’s financial statements.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while stockholders’ equity and partners’ capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.


TABLE OF CONTENTS

Item No.

Form 10-K

Report Page

PART I

1.

Business

1

1A.

Risk Factors

8

1B.

Unresolved Staff Comments

20

2.

Properties

21

3.

Legal Proceedings

36

4.

Mine Safety Disclosures

36

PART II

5.

Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

36

6.

Selected Financial Data

38

7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

40

7A.

Quantitative and Qualitative Disclosures About Market Risk

58

8.

Consolidated Financial Statements and Supplementary Data

59

9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

124

9A.

Controls and Procedures

124

9B.

Other Information

125

PART III

10.

Directors, Executive Officers, and Corporate Governance

125

11.

Executive Compensation

125

12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

126

13.

Certain Relationships and Related Transactions, and Director Independence

126

14.

Principal Accountant Fees and Services

126

PART IV

15.

Exhibits and Financial Statement Schedules

127

16.

Form 10-K Summary

133

SIGNATURES

17.

Signatures

134


Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language.  However, the absence of these or similar words or expressions does not mean a statement is not forward-looking.  While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.  Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those described in Item 1A, Risk Factors .  When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC.  If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected.  Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law.

PART I

Item 1. Business

Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. Regency Centers L.P. is the entity through which Regency Centers Corporation conducts substantially all of its operations and owns substantially all of its assets. Our business consists of acquiring, developing, owning and operating income-producing retail real estate principally located in many of the top markets in the United States.  We generate revenues by leasing space to retail tenants such as highly productive grocers, restaurants, service providers, and best-in-class retailers. Regency has been an S&P 500 Index member since 2017.

As of December 31, 2020, we had full or partial ownership interests in 411 properties, primarily anchored by market leading grocery stores, encompassing 51.9 million square feet (“SF”) of gross leasable area (“GLA”). Our Pro-rata share of this GLA is 42.2 million square feet, including our share of the partially owned properties.

Our mission is to be the preeminent national owner, operator, and developer of shopping centers, creating places that provide a thriving environment for outstanding retailers and service providers to connect with the surrounding neighborhoods and communities.

Our goals are to:

Own and manage a portfolio of high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and located in affluent suburban and near urban trade areas in the country’s most desirable metro areas. We expect that this combination will produce highly desirable and attractive centers with best-in-class retailers. These centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income (“NOI”);

Maintain an industry leading and disciplined development and redevelopment platform to deliver exceptional retail centers at higher returns as compared to acquisitions;

Support our business activities with a conservative capital structure, including a strong balance sheet;

Implement leading environmental, social, and governance practices through our Corporate Responsibility Program;

Engage an exceptional and diverse team that is guided by our strong values and special culture, while fostering an environment of innovation and continuous improvement; and

Create shareholder value by increasing earnings and dividends per share and generate total returns at or near the top of our shopping center peers.

1


Key strategies to achieve our goals are to:

Sustain same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center peers;

Develop and redevelop high quality shopping centers at attractive returns on investment;

Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost effective funding of investment opportunities, while also managing debt maturities that enable us to weather economic downturns;

Maintain high standards for corporate governance and act as good stewards of our communities and the environment; and

Attract and motivate an exceptional team of diverse employees who operate efficiently and are recognized as industry leaders.

COVID-19 Pandemic

On March 11, 2020, the novel coronavirus disease (“COVID-19”) was declared a pandemic (“COVID-19 pandemic” or the “pandemic”) by the World Health Organization as the disease spread throughout the world.  The pandemic continues to evolve, making the broader implications on our future results of operations and overall financial performance uncertain at this time.  While much of our lease income is derived from contractual rent payments, our tenants’ ability to meet their lease obligations has been negatively impacted by the disruptions and uncertainties of the pandemic.  Certain of our tenants’ ability to respond to these disruptions, including adapting to governmental orders, recommendations, and changes in their customers’ shopping habits and behaviors, could influence their ability to survive and ultimately fulfill their lease obligations.  While the announcement of vaccine approvals by the U.S. Food and Drug Administration (“FDA”) in early December 2020 was a positive development, at about the same time, several states and many localities reinstituted mandatory business limitations and closures as infection rates increased, in advance of full scale vaccine deployment.  Forced closures may continue to occur as infection rates increase or additional strains of the virus emerge, while the speed of vaccine rollout remains uncertain.

Due to the pandemic, certain tenants have requested rent concessions or have sought to renegotiate future rents based on changes to the economic environment.  Other tenants have chosen not to reopen or honor the terms of their existing lease agreements.  In addition, in 2020 we saw a meaningful increase in the number of bankruptcy filings by our tenants versus prior years, which in certain cases can lead to a tenant “rejecting” (terminating) one or more of our leases as permitted by applicable bankruptcy law, or seeking to negotiate reduced rent as part of the bankruptcy reorganization process.

We are closely monitoring our rent collections from our tenants, which significantly declined from historic levels at the start of the pandemic, but have since gradually improved.  As of February 8, 2021, we experienced sequential improvement in our collection rates of Pro-rata base rent billed by quarter in 2020 as follows:

Q2

Q3

Q4

Base Rent Collections

79%

89%

92%

Since the pandemic began, we have executed approximately 1,600 rent deferral agreements within our consolidated and unconsolidated real estate portfolios.  The weighted average deferral period of these agreements is approximately 3.3 months, with repayment periods of approximately 9.7 months beginning on average in December 2020.  In some cases, we expect to continue to work with tenants to address the adverse impacts of the pandemic, which may result in further rent deferrals, concessions or abatements.  As a result, there can be no assurance that our future base rent collection percentages will continue at or above Q4 2020 levels, or that cash flows from operations will be sufficient to sustain and fund our dividend payments without the benefit of other sources of capital or changes to our current dividend levels.  In the event of a surge in COVID-19 cases or new governmental restrictions causing our tenants to reduce their operations or close, our base rent collection percentages and percent leased could decline from current levels.

New leasing activity declined in 2020 and is expected to remain below 2019 levels into 2021 as businesses delay executing leases amidst the immediate and uncertain future economic impacts of the pandemic.  This, coupled with tenant failures and bankruptcies, may result in decreased demand for retail space in our centers, which could result in difficulty attracting new tenants resulting in pricing pressure on rents.  Additionally, if construction of tenant improvements are delayed due to the impacts of the pandemic, it may take longer before new tenants are able to open and commence rent payments.

The pandemic has significantly slowed and in certain situations delayed tenant buildouts, new ground up developments or redevelopment of existing properties.  The pandemic has also limited our ability to timely source materials for construction and has caused labor shortages, which have impacted our ability to complete construction projects on anticipated schedules.  In the event a surge in new cases resulting in additional lockdowns occurs, similar impacts to our supply chain may arise which could have a material adverse effect on our business, financial condition and results of operations.  We continue to closely monitor our projects, which has resulted in prudently delaying, phasing or curtailing certain of our development, redevelopment and capital expenditure projects.

2


The duration and severity of the pandemic across the United States will continue to negatively impact many of our tenants and their ability to meet their rent obligations under their lease agreements. As such, the pandemic could continue to negatively impact our r esults of operations and overall financial condition in the future . See also Part I , Item 1A, Risk Factors for further discussion.

Our business continuity and disaster recovery plan enabled us to continue operating productively during the pandemic.  We have maintained, and expect to continue to maintain, without interruption, our financial reporting systems as well as our internal controls over our financial reporting and disclosure controls and procedures.

Competition

We are among the largest owners of shopping centers in the nation based on revenues, number of properties, GLA, and market capitalization.  There are numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers that compete with us in our targeted markets, including grocery store chains that also anchor some of our shopping centers.  This results in competition for attracting tenants, as well as the acquisition of existing shopping centers and new development sites. In addition, brick and mortar shopping centers, in general, face continued competition from alternative shopping and delivery methods, including e-commerce and home delivery. We believe that our competitive advantages are driven by:

our locations within our market areas;

the design of our shopping centers including our practice of maintaining and renovating these centers to our high standards of quality;

the strong demographics surrounding our shopping centers;

our relationships with our anchor, shop, and out-parcel tenants;

our management experience and expertise; and

our ability to source and develop new shopping centers.

Corporate Responsibility

Our vision is to be the preeminent national owner, operator and developer of shopping centers, connecting outstanding retailers and service providers with their neighborhoods and communities while striving to achieve best-in-class corporate responsibility. To integrate corporate responsibility into our vision, we focus on three key overarching concepts: long-term value creation, our Regency brand and reputation, and the importance of maintaining our culture.

We have established four pillars for our corporate responsibility program that we believe enable us to support our vision and implement these concepts:

Our People;

Our Communities;

Ethics and Governance; and

Environmental Stewardship.

Our People – Our people are our most important asset and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance. We recognize and value the importance of attracting and retaining talented individuals to Regency’s performance and growth.  We strive to maintain a safe and healthy workspace, promote employee well-being, and empower our employees by focusing on their training and education.  Another key element of our focus on people is our understanding and appreciation of the value of an inclusive and diverse workforce.  In 2020, we began developing and implementing a comprehensive three-year diversity, equity, and inclusion (“DEI”) strategy, which includes training, recruitment, and engagement.  Our employees have been directly engaged in the development of our DEI strategy to ensure they are connected to and actively involved in its implementation across the entirety of our business.

Our Communities – Our predominately grocery-anchored neighborhood centers provide many benefits to the communities in which we live and work, including significant local economic impacts in the form of investment, jobs and taxes.  Our local teams are also passionate about investing in and engaging with our communities, as they customize and cultivate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. Further, philanthropy and giving back are cornerstones of what we do and who Regency is.  In addition, charitable contributions are made directly by the Company, and the vast majority of our employees donate their time and money to local non-profits serving their communities.

3


Ethics and Governance As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance. To create long-term value for our stakeholders, w e place great emphasis on our culture and core values, the integrity and transparency of our reporting practices , and our overall governance structure in respect of oversight and shareholder rights .

Environmental Stewardship – We believe sustainability is in the best interest of our investors, tenants, employees, and the communities in which we operate, and we strive to integrate sustainable practices throughout our business.  We have six strategic priorities when it comes to identifying and implementing sustainable business practices and minimizing our environmental impact: green building, energy efficiency, greenhouse gas emissions reduction, water conservation, waste minimization and management, and climate resilience.  We believe these commitments are not only the right thing to do to address material environmental topics such as air pollution, climate change, and resource scarcity, but also support us in achieving key strategic objectives in our operations and development projects.

More information about our corporate responsibility strategy, goals, performance, and reporting is available on our website at www.regencycenters.com.  The content of our website, including information relating to corporate responsibility, is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

Employees

Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida.  We presently maintain 22 market offices nationwide, including our corporate headquarters, where we conduct management, leasing, construction, and investment activities.  We have 431 employees throughout the United States and we believe that our relations with our employees are good.

Compliance with Governmental Regulations

We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate.  Changes to such requirements may result in unanticipated financial impacts or adverse tax consequences, and could affect our operating results and financial condition.  Significant regulatory requirements include the laws and regulations described below.

REIT Laws and Regulations

We have elected to be taxed as a REIT under the federal income tax laws. As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our stockholders. Under the Internal Revenue Code (the “Code”), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year. We will be subject to federal income tax on our taxable income at regular corporate rates if we fail to qualify as a REIT for tax purposes in any taxable year, or to the extent we distribute less than 100% of our taxable income. We will also generally not qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost. Even if we qualify as a REIT for federal income tax purposes, we may be subject to certain state and local income and franchise taxes and to federal income and excise taxes on our undistributed taxable income.

We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Code. A TRS is subject to federal and state income taxes which, to date, have not been material to us.

Environmental Laws and Regulations

Under various federal, state and local laws, ordinances and regulations, we may be liable for the cost to assess and remediate certain hazardous substances at our shopping centers that generally arise from dry cleaners, gas stations, asbestos, and historic land use practices.  These requirements often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused, the presence of the hazardous substances.  The presence of such substances, or the failure to properly address contamination caused by such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral.  Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material financial impact.

4


Executive Officers

Our executive officers are appointed each year by our Board of Directors.  Each of our executive officers has been employed by us for more than five years and, as of December 31, 2020, included the following:

Name

Age

Title

Executive Officer in

Position Shown Since

Martin E. Stein, Jr.

68

Executive Chairman of the Board of Directors

2020 (1)

Lisa Palmer

53

President and Chief Executive Officer

2020 (2)

Michael J. Mas

45

Executive Vice President, Chief Financial Officer

2019 (3)

Dan M. Chandler, III

53

Executive Vice President, Chief Investment Officer

2019 (4)

James D. Thompson

65

Executive Vice President, Chief Operating Officer

2019 (5)

(1 )

Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020.  Prior to this appointment, Mr. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999.

( 2 )

Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, which position she has held since January 2016.  Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013. Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996.

( 3 )

Mr. Mas assumed the responsibilities of Executive Vice President, Chief Financial Officer effective August 2019.  Prior to this appointment, Mr. Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013.

( 4 )

Mr. Chandler assumed the role of Executive Vice President, Chief Investment Officer, effective August 2019, and Executive Vice President of Investments in 2016. Mr. Chandler previously served as Managing Director since 2006.  Prior to that, Mr. Chandler served in various investment officer positions since 1999.

( 5 )

Mr. Thompson assumed the role of Executive Vice President, Chief Operating Officer, effective August 2019, and Executive Vice President of Operations in 2016.  Mr. Thompson previously served as our Managing Director - East since 1993.

Company Website Access and SEC Filings

Our website may be accessed at www.regencycenters.com . All of our filings with the Securities and Exchange Commission (“SEC”) can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request. These filings are also accessible on the SEC’s website at www.sec.gov . The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

General Information

Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”), Philadelphia, PA. We offer a dividend reinvestment plan (“DRIP”) that enables our shareholders to reinvest dividends automatically, as well as to make voluntary cash payments toward the purchase of additional shares. For more information, contact Broadridge toll free at (855) 449-0975 or our Shareholder Relations Department at (904) 598-7000.

The Company’s common stock is listed on the NASDAQ Global Select Market and trades under the stock symbol “REG”.

Our independent registered public accounting firm is KPMG LLP, Jacksonville, Florida. Our legal counsel is Foley & Lardner LLP, Jacksonville, Florida.

Annual Meeting of Shareholders

Our 2021 annual meeting of shareholders is currently expected to be held on Wednesday, May 5, 2021.  In light of public health concerns related to the COVID-19 pandemic, and to help protect the safety of our shareholders, directors, employees, and other participants, the Company’s annual meeting will be conducted in a virtual-only format.

Defined Terms

In addition to the required Generally Accepted Accounting Principles (“GAAP”) presentations, we use certain non-GAAP performance measures as we believe these measures improve the understanding of the Company's operational results.  We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning

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purposes.  We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

The following terms, as defined, are commonly used by management and the investing public to understand and evaluate our operational results:

Development Completion is a property in development that is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations, or (iii) three years have passed since the start of construction.  Once deemed complete, the property is termed a Retail Operating Property the following calendar year.

Fixed Charge Coverage Ratio is defined as Operating EBITDA re divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

Nareit EBITDAre is a measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) gains on sales of real estate, (v) impairments of real estate, and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures.

Nareit Funds from Operations (“Nareit FFO”) is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We compute Nareit FFO for all periods presented in accordance with Nareit’s definition.

Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. We provide a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Net Operating Income (“NOI”) is the sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods.  Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.

Operating EBITDAre begins with the Nareit EBITDA re and excludes certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. We provide a reconciliation of Net Income to Nareit EBITDA re to Operating EBITDA re.

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Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.

We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with the Company’s reported results under GAAP.  We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparisons of other REITs’ operating results to ours more meaningful.  The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP.  The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio

The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio.  We do not control the unconsolidated investment partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items.  The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital.  Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.

The presentation of Pro-rata information has limitations which include, but are not limited to, the following:

o

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

o

Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.

Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP.  We compensate for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.

Property In Development includes properties in various stages of ground-up development.

Property In Redevelopment includes Retail Operating Properties under redevelopment or being positioned for redevelopment.  Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

Retail Operating Property is any retail property not termed a Property in Development. A retail property is any property where the majority of the income is generated from retail uses.

Same Property is a Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes Properties in Development, prior year Development Completions, and Non-Same Properties.  Properties in Redevelopment are included unless otherwise indicated.

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Item 1A. Risk Factors

Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below.  When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide much more information and detail.  If any of the events described in the following risk factors actually occur, our business, financial condition and/ or operating results, as well as the market price of our securities, could be materially adversely affected.

Risk Factors Related to the COVID-19 Pandemic

Pandemics or other health crises, such as the pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

During the ongoing pandemic, U.S. federal, state, and local governments have continued to mandate or recommend various actions to reduce or prevent the spread of COVID-19 which continues to directly impact many of our tenants, and in particular those whose businesses may be considered non-essential.  Grocery stores, which anchor over 80% of our operating centers, have generally been able to continue operating and serving their customers. However, non-essential businesses such as dine-in restaurants, fitness facilities and movie theaters in many states continue to experience significant declines in customer traffic when compared to previous years, or have temporarily closed their locations (in some cases multiple times) in response to governmental orders or voluntary efforts to support social distancing.

Due to the pandemic, certain tenants have requested rent concessions or have sought to renegotiate future rents based on changes to the economic environment. Other tenants have chosen not to reopen or honor the terms of their existing lease agreements.  In addition, moratoria and other temporary legal restrictions in certain states on our ability to bring legal action to enforce our leases have impacted our ability to collect rent and may continue to do so into 2021.

New leasing activity has declined and is expected to remain at lower levels than pre-pandemic into 2021 as businesses delay executing leases amidst the immediate and uncertain future economic impacts of the pandemic. This, coupled with tenant failures, may result in decreased demand for retail space in our centers, which could result in downward pressure on rents.  Additionally, due to delays in construction of tenant improvements due to the impacts of the pandemic, it may take longer before new tenants are able to open and commence rent payments.

The pandemic has adversely impacted our ability to start or complete tenant buildouts, new ground up development and redevelopment of existing properties. The pandemic has also impacted our ability to timely source materials for construction and caused labor shortages, which have impacted our ability to complete construction projects on anticipated schedules.  New or extended government orders to combat the further spread of the virus could result in similar impacts to our development and redevelopment projects and supply chain, which could have a material adverse effect on our business, financial condition and results of operation.

The full impacts of the pandemic on our future results of operations and overall financial performance remain uncertain.  While the vast majority of our lease income is derived from contractual rent payments, the ability of certain of our tenants to meet their lease obligations have been negatively impacted by the disruptions and uncertainties of the pandemic. Our tenants’ ability to respond to these disruptions and uncertainties, including adjusting to governmental orders and changes in their customers’ shopping habits and behaviors, will impact their businesses’ ability to survive, and ultimately, their ability to comply with their lease obligations.  The risk of diminished sales and future closures exists so long as the virus remains active and continues to spread. Ultimately, t he duration and severity of the health crisis in the United States and the speed at which the country, states and localities are able to safely reopen and remain open, will continue to materially impact the overall economy, our retail tenants, and therefore our results of operations , financial condition and cash flows. Until the virus is contained or eradicated, or effective and reliable treatments and/or vaccines are widely available and accepted by the public, commerce and employment may not return to pre-pandemic levels and we may experience material reductions in our cash flows, NOI and financial performance compared to pre-pandemic periods.

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Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.

Our properties are leased primarily to retail tenants from whom we derive most of our revenue in the form of base rent, expense recoveries and other income. Therefore, our performance and operating results are directly linked to the economic and market conditions occurring in the retail industry. We are subject to the risks that, upon expiration, leases for space in our properties are not renewed by existing tenants, vacant space is not leased to new tenants, and/or tenants demand modified lease terms, including costs for renovations or concessions. Moreover, pandemics, such as the pandemic, may exacerbate the effects of these risks.  The economic and market conditions potentially affecting the retail industry and our properties specifically include the following:

changes in national, regional and local economic conditions;

changes in population and migration patterns to/from the markets in which we operate;

deterioration in the competitiveness and creditworthiness of our retail tenants;

increased competition from the use of e-commerce by retailers and consumers as well as other concepts such as super-stores and warehouse clubs;

tenant bankruptcies and subsequent rejections of our leases;

reductions in consumer spending and retail sales;

reduced tenant demand for retail space;

oversupply of retail space;

reduced consumer demand for certain retail categories;

consolidation within the retail sector;

increased operating costs attendant to owning and operating retail shopping centers;

perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and

acts of terrorism and war, natural disasters and other physical and weather-related damages to our properties.

To the extent that any or a combination of these conditions occur they are likely to impact the retail industry, our retail tenants, the demand and market rents for retail space, the percent leased levels of our properties, our ability to sell, acquire or develop properties, our operating results and our cash available for distributions to stock and unit holders.

Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows.

Retailers are increasingly impacted by e-commerce and changes in customer buying habits, including the delivery or curbside pick-up of items ordered online. The pandemic has likely accelerated these trends and their potential impacts. Retailers are considering these e-commerce trends when making decisions regarding their bricks and mortar stores and how they will compete and innovate in a rapidly changing retail environment. Many retailers in our shopping centers provide services or sell goods, which have historically been less likely to be purchased online; however, the continuing increase in e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores. Our grocer tenants are incorporating e-commerce concepts through home delivery and curbside pick-up, which could reduce foot traffic at our centers. In certain higher-income markets, foot traffic at our centers may be impacted more meaningfully by these alternative delivery methods if consumers are willing to pay premiums for such services.  Changes in shopping trends as a result of the growth in e-commerce may also impact the profitability of retailers that do not adapt to changes in market conditions, including their financial condition and ability to pay rent. This shift may adversely impact our percent leased and rental rates, which would impact our results of operations and cash flows.

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Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.

Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. During the year ended December 31, 2020, our properties in California, Florida, Texas, New York and Georgia accounted for 27.2%, 22.1%, 7.5%, 5.2%, and 5.1% respectively, of our NOI from Consolidated Properties plus our Pro-rata share from Unconsolidated Properties. Our revenues and cash flow may be adversely affected by this geographic concentration if market conditions, such as supply of or demand for retail space, deteriorate more significantly in these states compared to other geographic areas.  For example, with respect to the pandemic, California has imposed very stringent restrictions on re-opening and has implemented stringent eviction moratoria, making it more difficult in certain circumstances to collect rent and enforce our leases.  Additionally, there is a risk that many businesses and residents in major metropolitan cities may desire to relocate to different states or suburban markets as a result of the pandemic, following the impact of state regulations on businesses and residents coupled with the shift to remote work.

Our success depends on the continued presence and success of our “anchor” tenants.

“Anchor Tenants” (tenants occupying 10,000 square feet or more) operate large stores in our shopping centers, pay a significant portion of the total rent at a property and contribute to the success of other tenants by attracting shoppers to the property.  Our net income and cash flow may be adversely affected by the loss of revenues and incurrence of additional costs in the event a significant Anchor Tenant:

becomes bankrupt or insolvent;

experiences a downturn in its business;

materially defaults on its leases;

does not renew its leases as they expire;

renews at lower rental rates and/or requires a tenant improvement allowance; or

renews but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease the vacated space.

Some anchors have the right to vacate their space and may prevent us from re-tenanting by continuing to comply and pay rent in accordance with their lease agreement. Vacated anchor space, including space that may be owned by the anchor (as discussed below), can reduce rental revenues generated by the shopping center in other spaces because of the loss of the departed anchor's customer drawing power. In addition, if a significant tenant vacates a property, co-tenancy clauses in select lease contracts may allow other tenants to modify or terminate their rent or lease obligations. Co-tenancy clauses have several variants: they may allow a tenant to postpone a store opening if certain other tenants fail to open their stores; they may allow a tenant to close its store prior to lease expiration if another tenant closes its store prior to lease expiration; or more commonly, they may allow a tenant to pay reduced levels of rent until a certain number of tenants open their stores within the same shopping center.

Additionally, some of our shopping centers are anchored by retailers who own their space whose location is within or immediately adjacent to our shopping center (“shadow anchors”).  In those cases, the shadow anchors appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center. In the event that a shadow anchor were to close, it could negatively impact our center as consumer traffic would likely be reduced.

A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.

At December 31, 2020, tenants occupying less than 10,000 square feet (“Shop Space Tenants”) represent approximately 35.6% of our GLA, with approximately 14.3% of those considered local tenants.  These tenants may be more vulnerable to negative economic conditions, including the impacts from pandemics, as they may have more limited resources and access to capital than Anchor Tenants. Shop Space Tenants may be facing reduced sales as a result of an increase in competition including from e-commerce retailers. The types of Shop Space Tenants vary from retail shops and restaurants to service providers. If we are unable to attract the right type or mix of Shop Space Tenants into our centers, our revenues and cash flow may be adversely impacted.

During times of economic downturns or uncertainties, including during pandemics such as COVID-19, some tenants may suffer disproportionally greater impacts and be at greater risk of default on their lease obligations or request lease concessions from us.  If we are unable to attract the right type or mix of low or non-credit tenants into our centers, our revenues and cash flow may be adversely impacted.

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We may be unable to collect balances due from tenants in bankruptcy.

Although lease income is supported by long-term lease contracts, tenants who file for bankruptcy have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent may be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Moreover, in the year ended December 31, 2020, we saw meaningfully higher levels of tenant bankruptcies than in recent years as a result of the pandemic, and we expect this trend to continue into at least the first half of 2021.  Additionally, we may incur significant expense to recover our claim and to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we may experience a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.

Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.

Certain costs and expenses associated with our operating our properties, such as real estate taxes, insurance, utilities and common area expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general economic downturns, pandemics or other similar circumstances. In fact, in some cases, such as real estate taxes and insurance, they may actually increase despite such events. As such, we may not be able to lower the operating expenses of our properties sufficiently to fully offset such circumstances, and may not be able to fully recoup these costs from our tenants. In such cases, our cash flows, operating results and financial performance may be adversely impacted.

Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us.

All of our properties are required to comply with the Americans with Disabilities Act (“ADA”), which generally requires that buildings be made accessible to people with disabilities. Compliance with ADA requirements may require removal of access barriers, and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom we lease space in our properties are obligated by law to comply with the ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs may be adversely affected. In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental entities and become applicable to the properties. Costs to be in compliance with the ADA or any other building regulations could be material and have a negative impact on our results of operations.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.

Our real estate properties are carried at cost unless circumstances indicate that the carrying value of these assets may not be recoverable. We evaluate whether there are any indicators, including property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated holding periods, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and may differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value.

The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. Such cash flow projections take into account expected future operating income, trends and prospects, as well as the effects of demand, competition and other relevant criteria, and therefore are subject to management judgment. The impacts of the pandemic to future income, trends and prospects is uncertain and continues to evolve, therefore any assumptions impacting real estate values may be subject to change in the future, which may impact the determination of fair value. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information.

These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets.

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We face risks associated with development, redevelopment and expansion of properties.

We actively pursue opportunities for new retail development and existing property redevelopment or expansion. Development and redevelopment activities require various government and other approvals for entitlements and any delay in such approvals may significantly delay development and redevelopment projects. We may not recover our investment in our projects for which approvals are not received, and delays may adversely impact our expected returns. Additionally, changes in political elections and policies may impact our ability to obtain favorable land use and zoning for in-process and future developments and redevelopment projects.  We are subject to other risks associated with these activities, including the following:

we may be unable to lease developments or redevelopments to full occupancy on a timely basis;

the occupancy rates and rents of a completed project may not be sufficient to make the project profitable;

actual costs of a project may exceed original estimates, possibly making the project unprofitable;

delays in the development or construction process may increase our costs;

construction cost increases may reduce investment returns on development and redevelopment opportunities;

we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions;

the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns;

a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our net operating income; and

changes in the level of future development and redevelopment activity may adversely impact our results from operations by reducing the amount of internal overhead costs that may be capitalized.

We face risks associated with the development of mixed-use commercial properties.

We have expanded our investment focus to include a limited number of more complex acquisitions and mixed-use development and redevelopment projects in dense urban locations, which pose unique risks to our return on investment.  Mixed-use projects refer to real estate projects that, in addition to retail space, may also include space for residential, office, hotel or other commercial purposes.  We have less experience in developing and managing non-retail real estate than we do retail real estate.  As a result, if a development or redevelopment project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer, or partner with a developer.

If we decide to develop the non-retail components ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate, but also to risks associated with developing, owning, operating or selling non-retail real estate, including but not limited to more complex entitlement processes and multiple-story buildings. These unique risks may adversely impact our return on investment in these mixed-use development projects.

If we sell the non-retail components, our retail component will be impacted by the decisions made by the other owners, and actions of those occupying the non-retail spaces in these mixed-use properties.

If we partner with a developer, it makes us dependent upon the partner's ability to perform and to agree on major decisions that impact our investment returns of the project.  In addition, there is a risk that the non-retail developer may default on its obligations necessitating that we complete the other components ourselves, including providing necessary financing.

In addition, redevelopment of existing shopping centers into mixed-use projects generally includes tenant vacancies before and during the redevelopment, which could result in volatility in NOI.

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We face risks associated with the acquisition of properties.

Our investment strategy includes investing in high-quality shopping centers that are leased to market-leading grocers, category-leading anchors, specialty retailers, or restaurants located in areas with high barriers to entry and above average household incomes and population densities. The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows:

properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve the investment returns we project;

our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs;

our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently;

we may not recover our costs from an unsuccessful acquisition;

our acquisition activities may distract or strain our management capacity; and

we may not be able to successfully integrate an acquisition into our existing operations platform.

We may be unable to sell properties when desired because of market conditions.

Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they may not be readily convertible to cash. Moreover, pandemics such as COVID-19 may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable.  As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response to changes in economic, industry, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. There may be less demand for lower quality properties that we have identified for ultimate disposition in markets with uncertain economic or retail environments, and where buyers are more reliant on the availability of third party mortgage financing. If we want to sell a property, we can provide no assurance that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment.

Changes in tax laws could impact our acquisition or disposition of real estate.

Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We intend to utilize Internal Revenue Code Section 1031 like-kind exchanges to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions or that changes to the tax laws do not eliminate or significantly change 1031 exchanges. In the event that we do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.

We cannot reliably predict the extent, rate, or impact of climate change.  To the extent climate change causes adverse changes in weather patterns, our properties in certain markets, especially those nearer to the coasts, may experience increases in storm intensity and rising sea‑levels. Further, population migration may occur in response to these or other factors and negatively impact our centers. Climate and other environmental changes may result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate certain properties at all. Climate change may also have indirect effects on our business by increasing the cost of insurance, or making insurance unavailable. Moreover, while the federal government has not yet enacted comprehensive legislation to address climate change, certain states in which we own and operate shopping centers, including California and New York, have done so.  Compliance with these and future new laws or regulations related to climate change may require us to make improvements to our existing properties, resulting in increased capital expenditures, or pay additional taxes and fees assessed on us or our properties.  Although we strive to identify, analyze, and respond to the risk and opportunities that climate change presents, at this time, there can be no assurance that climate change will not have an adverse effect on the value of our properties and our financial performance.

13


Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.

A significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, tornadoes, wildfires, sea-level rise due to climate change, and other natural disasters. At December 31, 2020, 22% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 23% and 8% of the GLA of our portfolio is located in the states of Florida and Texas, respectively. Insurance costs for properties in these areas have increased, and recent intense weather conditions may cause property insurance premiums to increase significantly in the future. We recognize that the frequency and / or intensity of extreme weather events, sea-level rise, and other climatic changes may continue to increase, and as a result, our exposure to these events may increase. These weather conditions may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the willingness of tenants or residents to remain in or move to these affected areas. Therefore, as a result of the geographic concentration of our properties, we face risks, including disruptions to our business and the businesses of our tenants and higher costs, such as uninsured property losses, higher insurance premiums, and potential additional regulatory requirements by government agencies in response to perceived risks.

Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Under various federal, state, and local laws, an owner or manager of real property may be liable for the costs to assess and remediate the presence of hazardous substances on the property, which in our case generally arise from former dry cleaners, gas stations, asbestos usage, and historic land use practices. These laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of hazardous substances. The presence of, or the failure to properly address the presence of, hazardous substances may adversely affect our ability to sell or lease the property or borrow using the property as collateral. We can provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us.

Risk Factors Related to Corporate Matters

An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.

We carry comprehensive liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties with policy specifications and insured limits customarily carried for similar properties. Some types of losses, such as losses from named windstorms, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage. In addition, it is possible that the availability of insurance coverage in certain areas may decrease in the future, and the cost to procure such insurance may increase due to factors beyond our control.  We may reduce the insurance we procure as a result of the foregoing or other factors.  While we believe our coverage is appropriate and adequate to cover our insurable risks, should a loss occur at any of our properties that is in excess of the property or casualty insurance limits of our policies, we may lose part or all of our invested capital and revenues from such property, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders.

Terrorist activities or violence occurring at our properties also may directly affect the value of our properties through damage, destruction or loss.  Insurance for such acts may be unavailable or cost more resulting in an increase to our operating expenses and adversely affect our results of operations.  To the extent that our tenants are affected by such attacks and threats of attacks, their businesses may be adversely affected, including their ability to continue to meet obligations under their existing leases.

Failure to attract and retain key personnel may adversely affect our business and operations.

The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees may significantly impact our future performance. Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons may have an adverse effect on us.

14


The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Many of our information technology systems (including those we use for administration, accounting, and communications, as well as the systems of our co-investment partners and other third-party business partners and service providers, whether cloud-based or hosted in proprietary servers) contain personal, financial or other information that is entrusted to us by our tenants and employees. Many of our information technology systems also contain our proprietary information and other confidential information related to our business. We are frequently subject to attempts to compromise our information technology systems. To the extent we or a third party were to experience a material breach of our or such third party’s information technology systems that result in the unauthorized access, theft, use, destruction or other compromises of tenants’ or employees' data or our confidential information stored in such systems, including through cyber-attacks or other external or internal methods, such a breach may damage our reputation and cause us to lose tenants and revenues, incur third party claims and cause disruption to our business and plans. Such security breaches also could result in a violation of applicable U.S. privacy and other laws, and subject us to private consumer, business partner, or securities litigation and governmental investigations and proceedings, any of which could result in our exposure to material civil or criminal liability, and we may not be able to recover these expenses from our service providers, responsible parties, or insurance carriers.  Despite the ongoing significant investments in technology and training we make in cybersecurity, we can provide no assurance that we will avoid or prevent such breaches or attacks.

Additionally, federal, state and local authorities continue to develop laws to address data privacy protection.  Monitoring such changes, and taking steps to comply, involves significant costs and effort by management, which may adversely affect our operating results and cash flows.

Despite the implementation of security measures for our disaster recovery and business continuity plans, our systems are vulnerable to damages from multiple sources, including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war, and telecommunication failure.  Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business and cause us to incur additional costs to remedy such damages.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.

We have invested substantial capital as a partner in a number of partnerships and joint ventures to acquire, own, lease, develop or redevelop properties. These activities are subject to the same risks as our investments in our wholly-owned properties. These investments, and other future similar investments may involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners may have economic or other business interests or goals that are inconsistent with our own business interests or goals, and may be in a position to take actions contrary to our policies or objectives.

These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in litigation or arbitration that may increase our expenses and prevent management from focusing their time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners. These factors may limit the return that we receive from such investments or cause our cash flows to be lower than our estimates.

The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

If partnerships owning a significant number of properties were dissolved for any reason, we could lose the asset, property management, leasing and construction management fees from these partnerships as well as the operating income of the properties, which may adversely affect our operating results and our cash available for distribution to stock and unit holders.  Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses.  The election of these dissolution provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow.

15


Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.

As part of our funding strategy, we sell operating properties that no longer meet our investment standards or those with a limited future growth profile. These sales proceeds are used to fund debt repayment, acquisition of operating properties, and the construction of new developments and redevelopments. An increase in market capitalization rates or a decline in NOI may cause a reduction in the value of centers identified for sale, which would have an adverse impact on the amount of cash generated.  Additionally, the sale of properties resulting in significant tax gains may require higher distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status.

We depend on external sources of capital, which may not be available in the future on favorable terms or at all.

To qualify as a REIT, the Parent Company must, among other things, distribute to its stockholders each year at least 90% of its REIT taxable income (excluding any net capital gains). Because of these distribution requirements, we may not be able to fund all future capital needs with income from operations. In such instances, we would rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings. Our access to debt depends on our credit rating, the willingness of creditors to lend to us and conditions in the capital markets. In addition to finding creditors willing to lend to us, we are dependent upon our joint venture partners to contribute their pro rata share of any amount needed to repay or refinance existing debt when lenders reduce the amount of debt our partnerships and joint ventures are eligible to refinance.

In addition, our existing debt arrangements also impose covenants that limit our flexibility in obtaining other financing. Additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our degree of leverage.

Without access to external sources of capital, we would be required to pay outstanding debt with our operating cash flows and proceeds from property sales. Our operating cash flows may not be sufficient to pay our outstanding debt as it comes due and real estate investments generally cannot be sold quickly at a return we believe is appropriate. If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business.

Our debt financing may adversely affect our business and financial condition.

Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control. In addition, we do not expect to generate sufficient operating cash flow to make balloon principal payments on our debt when due. If we are unable to refinance our debt on acceptable terms, we may be forced (i) to dispose of properties, which might result in losses, or (ii) to obtain financing at unfavorable terms, either of which may reduce the cash flow available for distributions to stock and unit holders. If we cannot make required mortgage payments, the mortgagee may foreclose on the property securing the mortgage.

Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.

Our unsecured notes, unsecured term loans, and unsecured line of credit (the “Line”) contain customary covenants, including compliance with financial ratios, such as ratio of indebtedness to total asset value and fixed charge coverage ratio. These covenants may limit our operational flexibility and our investment activities. Moreover, if we breach any of the covenants in our debt agreements, and do not cure the breach within the applicable cure period, our lenders may require us to repay the debt immediately, even in the absence of a payment default. Many of our debt arrangements, including our unsecured notes, unsecured term loan, and unsecured line of credit are cross-defaulted, which means that the lenders under those debt arrangements can require immediate repayment of their debt if we breach and fail to cure a default under certain of our other material debt obligations. As a result, any default under our debt covenants may have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock.

16


Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.

Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, term loan, and certain secured borrowings. As of December 31, 2020, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt. Increases in interest rates would increase our interest expense on any variable rate debt to the extent we have not hedged our exposure to changes in interest rates. In addition, increases in interest rates will affect the terms under which we refinance our existing debt as it matures, to the extent we have not hedged our exposure to changes in interest rates. This would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other obligations and also may reduce the amount we are able to distribute to our stock and unit holders.

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

We manage our exposure to interest rate volatility by using interest rate hedging arrangements.  These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes. There can be no assurance that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire to terminate a hedging arrangement, there may be significant costs and cash requirements involved to fulfill our obligations under the hedging arrangement. In addition, failure to effectively hedge against interest rate changes may adversely affect our results of operations.

The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

In July 2017, the Financial Conduct Authority (“FCA”) that regulates the London Inter-bank Offered Rate (“LIBOR”) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”) which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to USD-LIBOR in derivatives and other financial contracts.  We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form.

We have contracts that are indexed to LIBOR, including our $1.25 billion unsecured revolving credit facility and fifteen mortgages within our consolidated and unconsolidated portfolios totaling $225.5 million on a Pro-rata basis, as well as interest rate swaps to fix these variable cash flows with notional amounts totaling $177.0 million on a Pro-rata basis.  These LIBOR based instruments mature between 2020 and 2028.  We are monitoring and evaluating the related risks, which include interest on loans or amounts received and paid on derivative instruments. These risks arise in connection with transitioning contracts to a new alternative rate, including any resulting value transfer that may occur. The value of loans, securities, or derivative instruments tied to LIBOR could also be impacted if LIBOR is limited or discontinued. For some instruments, the method of transitioning to an alternative rate may be challenging, as they may require negotiation with the respective counterparty.

If a contract is not transitioned to an alternative rate and LIBOR is discontinued, the impact is likely to vary by contract. If LIBOR is discontinued or if the methods of calculating LIBOR change from their current form, interest rates on our current or future indebtedness and related interest rate swaps may be adversely affected.

While we expect LIBOR to be available in substantially its current form through June 2023, it is possible that LIBOR will become nonrepresentative prior to that point.  This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified.

17


Risk Factors Related to t he Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities.

The market price of our debt and equity securities may fluctuate significantly in response to many factors, many of which are out of our control, including:

actual or anticipated variations in our operating results;

changes in our funds from operations or earnings estimates;

publication of research reports about us or the real estate industry in general and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs;

the ability of our tenants to pay rent and meet their other obligations to us under current lease terms and our ability to re-lease space as leases expire;

increases in market interest rates that drive purchasers of our stock to demand a higher dividend yield;

changes in market valuations of similar companies;

adverse market reaction to any additional debt we incur in the future;

any future issuances of equity securities;

additions or departures of key management personnel;

strategic actions by us or our competitors, such as acquisitions or restructurings;

actions by institutional stockholders;

reports by corporate governance rating companies;

increased investor focus on sustainability-related risks, including climate change;

changes in our dividend payments;

potential tax law changes on REITs;

speculation in the press or investment community; and

general market and economic conditions.

These factors may cause the market price of our securities to decline, regardless of our financial condition, results of operations, business or prospects. It is impossible to ensure that the market price of our securities, including our common stock, will not fall in the future.  A decrease in the market price of our common stock may reduce our ability to raise additional equity in the public markets. Selling common stock at a decreased market price would have a dilutive impact on existing stockholders.

There is no assurance that we will continue to pay dividends at historical rates.

Our ability to continue to pay dividends at historical rates or to increase our dividend rate will depend on a number of factors, including, among others, the following:

our financial condition and results of future operations;

the terms of our loan covenants; and

our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates.

If we do not maintain or periodically increase the dividend on our common stock, it may have an adverse effect on the market price of our common stock and other securities.

18


Risk Factors Relating to the Company’s Qualification as a REIT

If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.

We believe that the Parent Company qualifies for taxation as a REIT for federal income tax purposes, and we plan to operate so that we can continue to meet the requirements for taxation as a REIT. If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that we distribute to our stockholders. Many REIT requirements, however, are highly technical and complex. The determination that the Parent Company is a REIT requires an analysis of various factual matters and circumstances, some of which may not be totally within our control and some of which involve questions of interpretation. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, like rent, that are itemized in the REIT tax laws. There can be no assurance that the Internal Revenue Service (“IRS”) or a court would agree with the positions we have taken in interpreting the REIT requirements. We are also required to distribute to our stockholders at least 90% of our REIT taxable income, excluding net capital gains. We will be subject to U.S. federal income tax on our undistributed taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. The fact that we hold many of our assets through co-investment partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT.

Also, unless the IRS granted relief under certain statutory provisions, the Parent Company would remain disqualified as a REIT for four years following the year it first failed to qualify. If the Parent Company failed to qualify as a REIT (currently and/or with respect to any tax years for which the statute of limitations has not expired), we would have to pay significant income taxes, reducing cash available to pay dividends, which would likely have a significant adverse effect on the value of our securities. In addition, we would no longer be required to pay any dividends to stockholders in order to maintain our REIT status. Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes.

Even if the Parent Company qualifies as a REIT for federal income tax purposes, we are required to pay certain federal, state, and local taxes on our income and property. For example, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions include sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we have undertaken a significant number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise.

New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders.

Dividends paid by REITs generally do not qualify for reduced tax rates.

Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by “C” corporations and are taxable at ordinary income tax rates. The more favorable tax rates applicable to regular corporate qualified dividends may cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which may adversely affect the value of the shares of REITs, including the shares of our capital stock.

Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.

A foreign person disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on any gain recognized on the disposition. This tax does not apply, however, to the disposition of stock in a REIT if the REIT is “domestically controlled.” In general, we will be a domestically controlled REIT if at all times during the five-year period ending on the applicable stockholder’s disposition of our stock, less than 50% in value of our stock was held directly or indirectly by non-U.S. persons. If we were to fail to qualify as a domestically controlled REIT, gain recognized by a foreign stockholder on a disposition of our common stock would be subject to U.S. federal income tax unless our common stock was traded on an established securities market and the foreign stockholder did not at any time during a specified testing period directly or indirectly own more than 10% of our outstanding common stock.

19


Legislative or other actions affecting REITs may have a negative effect on us.

The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, may adversely affect Regency or our investors. We cannot predict how changes in the tax laws might affect Regency or our investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. There is also a risk that REIT status may be adversely impacted by a change in tax or other laws.  Also, the law relating to the tax treatment of other entities, or an investment in other entities, may change, making an investment in such other entities more attractive relative to an investment in a REIT.

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The REIT provisions of the Code limit our ability to hedge our liabilities. Generally, income from a hedging transaction that constitutes “qualifying income” for purposes of the 75% or 95% gross income tests applicable to REITs, does not constitute “gross income” for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations. To the extent that we enter into other types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through a taxable REIT subsidiary (“TRS”).

Risks Related to the Company’s Common Stock

Restrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control.

Ownership of more than 7% by value of our outstanding capital stock is prohibited, with certain exceptions, by the Parent Company's articles of incorporation, for the purpose of maintaining its qualification as a REIT. This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control.

The issuance of the Parent Company's capital stock may delay or prevent a change in control.

The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders.

Ownership in the Parent Company may be diluted in the future.

In the future, a stockholder’s percentage ownership in the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees. In the past we have issued equity in the secondary market and may do so again in the future, depending on the price of our stock and other factors.

In addition, our amended and restated certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designation, powers, preferences and relative, participating, optional and other special rights, including preferences over our common stock respecting dividends and distributions, as our board of directors generally may determine. The terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant the holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we could assign to holders of preferred stock could affect the residual value of the common stock.

Item 1B. Unresolved Staff Comments

None.

20


Item 2. Properties

The following table is a list of the shopping centers, summarized by state and in order of largest holdings by number of properties, presented for Consolidated Properties (excludes properties owned by unconsolidated co-investment partnerships):

December 31, 2020

December 31, 2019

Location

Number of

Properties

GLA (in

thousands)

Percent of

Total GLA

Percent

Leased

Number of

Properties

GLA (in

thousands)

Percent of

Total GLA

Percent

Leased

Florida

90

10,732

29.0

%

92.4

%

89

10,629

28.3

%

94.0

%

California

54

8,397

22.7

%

92.0

%

57

8,633

23.0

%

96.8

%

Texas

23

3,047

8.2

%

88.8

%

23

3,050

8.1

%

90.7

%

Georgia

21

2,048

5.5

%

91.4

%

21

2,048

5.5

%

94.6

%

Connecticut

14

1,457

3.9

%

91.7

%

14

1,453

3.9

%

95.0

%

Colorado

13

1,098

3.0

%

95.8

%

14

1,146

3.1

%

96.5

%

New York

11

1,370

3.7

%

89.2

%

11

1,367

3.6

%

93.4

%

North Carolina

10

897

2.4

%

96.0

%

10

901

2.4

%

95.5

%

Washington

9

857

2.3

%

96.6

%

9

857

2.3

%

98.3

%

Ohio

8

1,211

3.3

%

97.4

%

8

1,209

3.2

%

98.6

%

Massachusetts

8

898

2.4

%

90.7

%

9

931

2.5

%

91.7

%

Oregon

7

741

2.0

%

94.9

%

7

741

2.0

%

95.4

%

Virginia

6

941

2.5

%

78.1

%

7

1,256

3.3

%

84.2

%

Illinois

6

1,081

2.9

%

94.6

%

6

1,081

2.9

%

95.5

%

Missouri

4

408

1.1

%

100.0

%

4

408

1.1

%

100.0

%

Tennessee

3

318

0.9

%

94.6

%

3

318

0.8

%

100.0

%

Pennsylvania

3

317

0.9

%

97.1

%

3

317

0.8

%

97.6

%

Maryland

2

334

0.9

%

89.1

%

3

334

0.9

%

93.4

%

Delaware

1

232

0.6

%

94.6

%

1

232

0.6

%

95.3

%

Michigan

1

97

0.3

%

100.0

%

1

97

0.3

%

100.0

%

South Carolina

1

51

0.1

%

98.4

%

1

51

0.1

%

97.4

%

Indiana

1

279

0.8

%

95.8

%

1

279

0.7

%

100.0

%

New Jersey

1

218

0.6

%

99.3

%

1

218

0.6

%

99.0

%

Total

297

37,029

100.0

%

92.2

%

303

37,556

100.0

%

94.7

%

Certain Consolidated Properties are encumbered by mortgage loans of $415.7 million, excluding debt issuance costs and premiums and discounts, as of December 31, 2020.

The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $22.90 and $22.38 PSF as of December 31, 2020 and 2019, respectively.

21


The following table is a list of the shopping centers, summarized by state and in order of largest holdings by number of properties , presented for Unconsolidated Properties (includes properties owned by unconsolidated co-investment partnerships):

December 31, 2020

December 31, 2019

Location

Number of

Properties

GLA (in

thousands)

Percent of

Total GLA

Percent

Leased

Number of

Properties

GLA (in

thousands)

Percent of

Total GLA

Percent

Leased

California

22

3,017

20.3

%

91.8

%

22

3,017

20.1

%

93.8

%

Virginia

15

2,076

13.9

%

93.2

%

15

2,075

13.8

%

96.4

%

Maryland

10

1,066

7.2

%

91.9

%

10

1,066

7.1

%

94.1

%

Florida

9

945

6.4

%

97.6

%

10

1,045

6.9

%

97.7

%

North Carolina

8

1,270

8.5

%

93.2

%

8

1,269

8.4

%

94.8

%

Texas

8

1,039

7.0

%

96.2

%

7

933

6.2

%

98.1

%

Washington

7

880

5.9

%

96.4

%

7

878

5.8

%

96.7

%

Colorado

6

853

5.7

%

89.8

%

6

854

5.7

%

93.1

%

Pennsylvania

6

669

4.5

%

82.5

%

6

669

4.5

%

86.5

%

Minnesota

5

665

4.5

%

98.0

%

5

665

4.4

%

97.0

%

New Jersey

4

353

2.4

%

92.8

%

4

353

2.3

%

94.1

%

Illinois

3

575

3.9

%

97.5

%

4

671

4.5

%

97.7

%

Indiana

2

139

0.9

%

68.3

%

2

139

0.9

%

88.4

%

District of Columbia

2

40

0.3

%

92.5

%

2

40

0.3

%

92.5

%

Georgia

1

86

0.6

%

93.8

%

1

86

0.6

%

93.8

%

Oregon

1

93

0.6

%

100.0

%

1

93

0.7

%

100.0

%

Delaware

1

64

0.4

%

89.7

%

1

64

0.4

%

89.7

%

South Carolina

1

80

0.5

%

98.5

%

1

80

0.5

%

100.0

%

Massachusetts

1

646

4.3

%

96.6

%

2

726

4.8

%

97.0

%

Connecticut

1

186

1.3

%

95.8

%

1

186

1.2

%

95.8

%

New York

1

141

0.9

%

100.0

%

1

141

0.9

%

100.0

%

Total

114

14,883

100.0

%

93.3

%

116

15,050

100.0

%

95.2

%

Certain Unconsolidated Properties are encumbered by non-recourse mortgage loans of $1.6 billion, excluding debt issuance costs and premiums and discounts, as of December 31, 2020.

The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $21.84 and $21.69 PSF as of December 31, 2020 and 2019, respectively.

22


The following table summarizes our top tenants occupying our shopping centers for Consolidated Properties plus our Pro-rata share of Unconsolidated Prop erties, as of December 31, 2020 , based upon a percentage of total annualized base rent (GLA and dollars in thousands):

Tenant

GLA

Percent of

Company

Owned GLA

Annualized

Base Rent

Percent of

Annualized

Base Rent

Number of

Leased Stores

Publix

2,827

6.7

%

$

31,034

3.5

%

69

Kroger Co.

2,784

6.6

%

27,355

3.1

%

54

Albertsons Companies, Inc.

1,794

4.2

%

25,957

2.9

%

45

Amazon/Whole Foods

1,099

2.6

%

23,431

2.6

%

35

TJX Companies, Inc.

1,337

3.2

%

22,705

2.5

%

62

CVS

652

1.5

%

15,345

1.7

%

56

Ahold/Delhaize

455

1.1

%

11,356

1.3

%

12

L.A. Fitness Sports Club

487

1.2

%

9,920

1.1

%

14

Nordstrom

320

0.8

%

9,085

1.0

%

9

Bed Bath & Beyond Inc.

469

1.1

%

8,876

1.0

%

18

Trader Joe's

271

0.6

%

8,723

1.0

%

27

Ross Dress For Less

545

1.3

%

8,521

1.0

%

25

JPMorgan Chase Bank

132

0.3

%

7,507

0.8

%

43

Gap, Inc

232

0.5

%

7,328

0.8

%

18

Starbucks

137

0.3

%

7,164

0.8

%

96

PETCO Animal Supplies, Inc

286

0.7

%

7,144

0.8

%

34

JAB Holding Company

179

0.4

%

7,090

0.8

%

65

Bank of America

132

0.3

%

6,945

0.8

%

43

Target

570

1.3

%

6,642

0.7

%

6

Wells Fargo Bank

131

0.3

%

6,587

0.7

%

48

H.E. Butt Grocery Company

411

1.0

%

6,143

0.7

%

6

Kohl's

612

1.4

%

5,867

0.7

%

8

Walgreens Boots Alliance

223

0.5

%

5,509

0.6

%

22

Best Buy

229

0.5

%

5,308

0.6

%

7

Dick's Sporting Goods, Inc.

291

0.7

%

5,010

0.6

%

5

T-Mobile

118

0.3

%

5,005

0.6

%

82

Ulta

166

0.4

%

4,847

0.5

%

18

AT&T, Inc

107

0.3

%

4,712

0.5

%

59

Staples, Inc.

183

0.4

%

4,192

0.5

%

10

Wal-Mart

630

1.5

%

4,186

0.5

%

6

Top Tenants

17,809

42.0

%

$

309,494

34.7

%

1,002

Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years. Leases greater than 10,000 square feet (“Anchor Leases”) generally have initial lease terms in excess of five years and are mostly comprised of Anchor Tenants. Many of the leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance (“CAM”) expenses, and reimbursement for utility costs if not directly metered.

23


The following table summarizes Pro-rata lease expirations for the next ten years and thereafter, for our Consolidated and Unconsolidated Properties, assuming no tenants renew their leases (GLA and dollars in thousands):

Lease Expiration Year

Number of

Tenants with

Expiring

Leases

Pro-rata

Expiring

GLA

Percent of

Total

Company

GLA

In Place Base

Rent Expiring

Under Leases

Percent of

Base Rent

Pro-rata

Expiring

Average

Base Rent

(1)

309

492

1.3

%

$

13,666

1.6

%

$

27.80

2021

1,086

2,928

7.6

%

73,888

8.4

%

25.24

2022

1,365

5,296

13.7

%

119,979

13.6

%

22.66

2023

1,177

4,612

11.9

%

111,456

12.7

%

24.17

2024

1,062

5,227

13.5

%

115,448

13.1

%

22.09

2025

997

4,774

12.3

%

112,143

12.7

%

23.49

2026

551

3,412

8.8

%

75,723

8.6

%

22.19

2027

334

1,955

5.1

%

47,750

5.4

%

24.43

2028

308

2,216

5.7

%

54,558

6.2

%

24.62

2029

260

1,692

4.4

%

34,925

4.0

%

20.64

2030

304

1,767

4.6

%

41,840

4.8

%

23.68

Thereafter

317

4,298

11.1

%

78,683

8.9

%

18.31

Total

8,070

38,669

100.0

%

$

880,059

100.0

%

$

22.76

(1)

Leases currently under month-to-month rent or in process of renewal.

During 2021, we have a total of 1,086 leases expiring, representing 2.9 million square feet of GLA.  These expiring leases have an average base rent of $25.24 PSF.  The average base rent of new leases signed during 2020 was $26.22 PSF.  During periods of economic weakness or when percent leased is low, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases.  In periods of recovery and/or when percent leased levels are high, landlords have more bargaining power, which generally results in rental rate growth on new and renewal leases.  As a result of the pandemic, new leasing activity has declined as many businesses delay executing leases amidst its immediate and uncertain future economic impacts.  This trend, coupled with additional potential retail failures resulting from the pandemic, may result in decreased demand for retail space in our centers, which could result in downward pressure on rents.

24


The following table lists information about our Consolidated and Unconsolidated Properties .  For further information , see Item 7, Manag ement's Discussion and Analysis.

Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Amerige Heights Town Center

Los Angeles-Long Beach-Anaheim

CA

2000

2000

$

89

98.9%

$

29.48

Albertsons, (Target)

Brea Marketplace

Los Angeles-Long Beach-Anaheim

CA

40%

2005

1987

42,683

352

99.2%

20.83

Sprout's, Target, 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Chef's Toys

Circle Center West

Los Angeles-Long Beach-Anaheim

CA

2017

1989

9,143

64

100.0%

30.69

Marshalls

Circle Marina Center

Los Angeles-Long Beach-Anaheim

CA

2019

1959

24,000

118

94.1%

29.21

Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies

Culver Center

Los Angeles-Long Beach-Anaheim

CA

2017

1950

217

95.7%

30.97

Ralphs, Best Buy, LA Fitness, Sit N' Sleep

El Camino Shopping Center

Los Angeles-Long Beach-Anaheim

CA

1999

1995

136

100.0%

37.25

Bristol Farms, CVS

Granada Village

Los Angeles-Long Beach-Anaheim

CA

40%

2005

1965

50,000

226

100.0%

26.75

Sprout's Markets, Rite Aid, PETCO, Homegoods

Hasley Canyon Village

Los Angeles-Long Beach-Anaheim

CA

20%

2003

2003

16,000

66

100.0%

26.87

Ralphs

Heritage Plaza

Los Angeles-Long Beach-Anaheim

CA

1999

1981

230

100.0%

40.86

Ralphs, CVS, Daiso, Mitsuwa Marketplace

Laguna Niguel Plaza

Los Angeles-Long Beach-Anaheim

CA

40%

2005

1985

42

94.1%

29.36

(Albertsons), CVS

Marina Shores

Los Angeles-Long Beach-Anaheim

CA

20%

2008

2001

68

98.3%

36.45

Whole Foods, PETCO

Morningside Plaza

Los Angeles-Long Beach-Anaheim

CA

1999

1996

91

99.1%

23.69

Stater Bros.

Newland Center

Los Angeles-Long Beach-Anaheim

CA

1999

1985

152

100.0%

27.31

Albertsons

Plaza Hermosa

Los Angeles-Long Beach-Anaheim

CA

1999

1984

95

100.0%

27.66

Von's, CVS

Ralphs Circle Center

Los Angeles-Long Beach-Anaheim

CA

2017

1983

60

100.0%

18.91

Ralphs

Rona Plaza

Los Angeles-Long Beach-Anaheim

CA

1999

1989

52

100.0%

21.71

Superior Super Warehouse

Seal Beach

Los Angeles-Long Beach-Anaheim

CA

20%

2002

1966

2,200

97

94.8%

26.45

Safeway, CVS

Talega Village Center

Los Angeles-Long Beach-Anaheim

CA

2017

2007

102

100.0%

22.39

Ralphs

Town and Country Center

Los Angeles-Long Beach-Anaheim

CA

35%

2018

1962

91,803

230

38.3%

48.94

Whole Foods, CVS, Citibank

Tustin Legacy

Los Angeles-Long Beach-Anaheim

CA

2016

2017

112

100.0%

32.34

Stater Bros, CVS

Twin Oaks Shopping Center

Los Angeles-Long Beach-Anaheim

CA

40%

2005

1978

9,049

98

97.1%

21.49

Ralphs, Rite Aid

Valencia Crossroads

Los Angeles-Long Beach-Anaheim

CA

2002

2003

173

100.0%

28.18

Whole Foods, Kohl's

Village at La Floresta

Los Angeles-Long Beach-Anaheim

CA

2014

2014

87

100.0%

35.18

Whole Foods

Von's Circle Center

Los Angeles-Long Beach-Anaheim

CA

2017

1972

6,434

151

100.0%

22.20

Von's, Ross Dress for Less, Planet Fitness

Woodman Van Nuys

Los Angeles-Long Beach-Anaheim

CA

1999

1992

108

100.0%

16.61

El Super

Silverado Plaza

Napa

CA

40%

2005

1974

9,177

85

99.0%

21.61

Nob Hill, CVS

Gelson's Westlake Market Plaza

Oxnard-Thousand Oaks-Ventura

CA

2002

2002

85

100.0%

29.74

Gelson's Markets, John of Italy Salon & Spa

Oakbrook Plaza

Oxnard-Thousand Oaks-Ventura

CA

1999

1982

83

99.0%

19.03

Gelson's Markets, (Longs Drug)

Westlake Village Plaza and Center

Oxnard-Thousand Oaks-Ventura

CA

1999

1975

201

95.1%

39.43

Von's, Sprouts, (CVS)

French Valley Village Center

Rvrside-San Bernardino-Ontario

CA

2004

2004

99

98.6%

27.55

Stater Bros, CVS

Oak Shade Town Center

Sacramento-Roseville-Folsom

CA

2011

1998

6,301

104

99.3%

22.36

Safeway, Office Max, Rite Aid

Prairie City Crossing

Sacramento-Roseville-Folsom

CA

1999

1999

90

100.0%

21.30

Safeway

Raley's Supermarket

Sacramento-Roseville-Folsom

CA

20%

2007

1964

63

100.0%

14.00

Raley's

The Marketplace

Sacramento-Roseville-Folsom

CA

2017

1990

111

97.1%

26.51

Safeway,CVS, Petco

4S Commons Town Center

San Diego-Chula Vista-Carlsbad

CA

85%

2004

2004

84,191

245

100.0%

33.24

Ralphs, Jimbo's...Naturally!, Bed Bath & Beyond, Cost Plus World Market, CVS, Ace Hardware, Ulta

Balboa Mesa Shopping Center

San Diego-Chula Vista-Carlsbad

CA

2012

1969

207

100.0%

26.91

Von's, Kohl's, CVS

Costa Verde Center

San Diego-Chula Vista-Carlsbad

CA

1999

1988

179

84.3%

26.26

Bristol Farms, Bookstar, The Boxing Club

El Norte Pkwy Plaza

San Diego-Chula Vista-Carlsbad

CA

1999

1984

91

96.0%

21.90

Von's, Children's Paradise, ACE Hardware

Friars Mission Center

San Diego-Chula Vista-Carlsbad

CA

1999

1989

147

100.0%

36.46

Ralphs, CVS

Navajo Shopping Center

San Diego-Chula Vista-Carlsbad

CA

40%

2005

1964

7,491

102

99.1%

14.21

Albertsons, Rite Aid, O'Reilly Auto Parts

Point Loma Plaza

San Diego-Chula Vista-Carlsbad

CA

40%

2005

1987

23,707

205

94.9%

21.29

Von's, Jo-Ann Fabrics, Marshalls, UFC Gym

Rancho San Diego Village

San Diego-Chula Vista-Carlsbad

CA

40%

2005

1981

22,998

153

98.3%

23.16

Smart & Final, (Longs Drug), 24 Hour Fitness

25


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Scripps Ranch Marketplace

San Diego-Chula Vista-Carlsbad

CA

2017

2017

132

98.7%

32.14

Vons, CVS

The Hub Hillcrest Market

San Diego-Chula Vista-Carlsbad

CA

2012

1990

149

99.4%

40.74

Ralphs, Trader Joe's

Twin Peaks

San Diego-Chula Vista-Carlsbad

CA

1999

1988

208

99.5%

21.79

Target, Grocer

200 Potrero

San Francisco-Oakland-Berkeley

CA

2017

1928

31

100.0%

13.77

Gizmo Art Production, INC.

Bayhill Shopping Center

San Francisco-Oakland-Berkeley

CA

40%

2005

1990

19,000

122

97.1%

26.55

Mollie Stone's Market, CVS

Clayton Valley Shopping Center

San Francisco-Oakland-Berkeley

CA

2003

2004

260

92.3%

23.26

Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less

Diablo Plaza

San Francisco-Oakland-Berkeley

CA

1999

1982

63

100.0%

41.43

(Safeway), (CVS), Beverages & More!

El Cerrito Plaza

San Francisco-Oakland-Berkeley

CA

2000

2000

256

95.4%

29.78

(Lucky's), Trader Joe's, (CVS), Bed Bath & Beyond, Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less

Encina Grande

San Francisco-Oakland-Berkeley

CA

1999

1965

106

99.1%

33.55

Whole Foods, Walgreens

Gateway 101

San Francisco-Oakland-Berkeley

CA

2008

2008

92

100.0%

34.95

(Home Depot), (Best Buy), Target, Nordstrom Rack

Parnassus Heights Medical

San Francisco-Oakland-Berkeley

CA

50%

2017

1968

146

99.1%

87.48

University of CA

Persimmon Place

San Francisco-Oakland-Berkeley

CA

2014

2014

153

100.0%

36.71

Whole Foods, Nordstrom Rack, Homegoods

Plaza Escuela

San Francisco-Oakland-Berkeley

CA

2017

2002

154

96.4%

44.69

The Container Store, Trufusion, Talbots, The Cheesecake Factory

Pleasant Hill Shopping Center

San Francisco-Oakland-Berkeley

CA

40%

2005

1970

50,000

227

100.0%

24.13

Target, Burlington, Ross Dress for Less, Homegoods

Pleasanton Plaza

San Francisco-Oakland-Berkeley

CA

2017

1981

163

73.8%

23.10

Cost Plus World Market

Potrero Center

San Francisco-Oakland-Berkeley

CA

2017

1968

227

99.8%

32.98

Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco, Party City

Powell Street Plaza

San Francisco-Oakland-Berkeley

CA

2001

1987

166

98.9%

34.89

Trader Joe's, Beverages & More!, Ross Dress For Less, Marshalls, Old Navy

San Carlos Marketplace

San Francisco-Oakland-Berkeley

CA

2017

1999

154

100.0%

36.27

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

San Leandro Plaza

San Francisco-Oakland-Berkeley

CA

1999

1982

50

86.3%

37.22

(Safeway), (CVS)

Sequoia Station

San Francisco-Oakland-Berkeley

CA

1999

1996

103

100.0%

43.63

(Safeway), CVS, Barnes & Noble, Old Navy

Serramonte Center

San Francisco-Oakland-Berkeley

CA

2017

1968

1,070

97.8%

25.66

Macy's, Target, Dick's Sporting Goods, Dave & Buster's, Nordstrom Rack, Buy Buy Baby, Cost Plus World Market, DAISO, H&M, Old Navy, Party City, Ross, TJ Maxx, Uniqlo

Tassajara Crossing

San Francisco-Oakland-Berkeley

CA

1999

1990

146

100.0%

23.79

Safeway, CVS, Alamo Hardware

Willows Shopping Center (6)

San Francisco-Oakland-Berkeley

CA

2017

2015

249

86.4%

29.31

REI, UFC Gym, Old Navy, Ulta

Woodside Central

San Francisco-Oakland-Berkeley

CA

1999

1993

81

100.0%

25.62

(Target),Chuck E. Cheese, Marshalls

Ygnacio Plaza

San Francisco-Oakland-Berkeley

CA

40%

2005

1968

24,916

110

100.0%

37.72

Sports Basement,TJ Maxx

Blossom Valley

San Jose-Sunnyvale-Santa Clara

CA

20%

1999

1990

22,300

93

100.0%

28.21

Safeway, CVS

Mariposa Shopping Center

San Jose-Sunnyvale-Santa Clara

CA

40%

2005

1957

18,399

127

94.7%

21.23

Safeway, CVS, Ross Dress for Less

Shoppes at Homestead

San Jose-Sunnyvale-Santa Clara

CA

1999

1983

113

100.0%

24.00

(Orchard Supply Hardware), CVS, Crunch Fitness

Snell & Branham Plaza

San Jose-Sunnyvale-Santa Clara

CA

40%

2005

1988

12,250

92

98.1%

20.39

Safeway

The Pruneyard

San Jose-Sunnyvale-Santa Clara

CA

2019

1969

2,200

260

97.0%

39.76

Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls

West Park Plaza

San Jose-Sunnyvale-Santa Clara

CA

1999

1996

88

97.6%

18.48

Safeway, Rite Aid

Golden Hills Plaza

San Luis Obispo-Paso Robles

CA

2006

2006

244

95.4%

7.42

Lowe's, Bed Bath & Beyond, TJ Maxx

Five Points Shopping Center

Santa Maria-Santa Barbara

CA

40%

2005

1960

24,272

145

98.7%

29.76

Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO

Corral Hollow

Stockton

CA

25%

2000

2000

167

100.0%

17.63

Safeway, CVS

26


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Alcove On Arapahoe

Boulder

CO

40%

2005

1957

26,700

159

91.7%

18.37

Safeway, Jo-Ann Fabrics, PETCO, HomeGoods

Crossroads Commons

Boulder

CO

20%

2001

1986

34,500

143

100.0%

29.36

Whole Foods, Barnes & Noble

Crossroads Commons II

Boulder

CO

20%

2018

1995

5,500

19

65.8%

35.69

(Whole Foods), (Barnes & Noble)

Falcon Marketplace

Colorado Springs

CO

2005

2005

22

93.8%

24.10

(Wal-Mart)

Marketplace at Briargate

Colorado Springs

CO

2006

2006

29

95.6%

32.82

(King Soopers)

Monument Jackson Creek

Colorado Springs

CO

1998

1999

85

100.0%

12.60

King Soopers

Woodmen Plaza

Colorado Springs

CO

1998

1998

116

92.2%

13.06

King Soopers

Applewood Shopping Ctr

Denver-Aurora-Lakewood

CO

40%

2005

1956

354

91.2%

14.98

King Soopers, Hobby Lobby, Applejack Liquors, PetSmart, Homegoods, Sierra Trading Post, Ulta

Belleview Square

Denver-Aurora-Lakewood

CO

2004

1978

117

100.0%

20.49

King Soopers

Boulevard Center

Denver-Aurora-Lakewood

CO

1999

1986

79

77.0%

30.43

(Safeway), One Hour Optical

Buckley Square

Denver-Aurora-Lakewood

CO

1999

1978

116

96.1%

11.56

King Soopers, Ace Hardware

Cherrywood Square Shop Ctr

Denver-Aurora-Lakewood

CO

40%

2005

1978

9,650

97

94.2%

10.62

King Soopers

Hilltop Village

Denver-Aurora-Lakewood

CO

2002

2003

100

100.0%

11.45

King Soopers

Littleton Square

Denver-Aurora-Lakewood

CO

1999

1997

99

100.0%

11.25

King Soopers

Lloyd King Center

Denver-Aurora-Lakewood

CO

1998

1998

83

95.0%

11.76

King Soopers

Ralston Square Shopping Center

Denver-Aurora-Lakewood

CO

40%

2005

1977

83

97.0%

11.97

King Soopers

Shops at Quail Creek

Denver-Aurora-Lakewood

CO

2008

2008

38

96.3%

26.84

(King Soopers)

Stroh Ranch

Denver-Aurora-Lakewood

CO

1998

1998

93

100.0%

13.65

King Soopers

Centerplace of Greeley III

Greeley

CO

2007

2007

119

100.0%

11.48

Hobby Lobby, Best Buy, TJ Maxx

22 Crescent Road

Bridgeport-Stamford-Norwalk

CT

2017

1984

4

100.0%

60.00

-

91 Danbury Road

Bridgeport-Stamford-Norwalk

CT

2017

1965

5

100.0%

27.94

-

Black Rock

Bridgeport-Stamford-Norwalk

CT

80%

2014

1996

19,405

98

94.7%

30.70

Old Navy, The Clubhouse

Brick Walk (6)

Bridgeport-Stamford-Norwalk

CT

80%

2014

2007

32,369

122

90.2%

44.38

-

Compo Acres Shopping Center

Bridgeport-Stamford-Norwalk

CT

2017

1960

43

100.0%

52.36

Trader Joe's

Copps Hill Plaza

Bridgeport-Stamford-Norwalk

CT

2017

1979

11,258

185

100.0%

13.70

Stop & Shop, Kohl's, Rite Aid

Danbury Green

Bridgeport-Stamford-Norwalk

CT

2017

1985

124

97.6%

25.34

Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors

Darinor Plaza (6)

Bridgeport-Stamford-Norwalk

CT

2017

1978

153

97.8%

18.99

Kohl's, Old Navy, Party City

Fairfield Center (6)

Bridgeport-Stamford-Norwalk

CT

80%

2014

2000

94

99.4%

32.82

Fairfield University Bookstore, Merril Lynch

Post Road Plaza

Bridgeport-Stamford-Norwalk

CT

2017

1978

20

100.0%

54.83

Trader Joe's

Walmart Norwalk

Bridgeport-Stamford-Norwalk

CT

2017

1956

142

100.0%

0.56

WalMart, HomeGoods

Westport Row (fka The Village Center)

Bridgeport-Stamford-Norwalk

CT

2017

1973

90

81.7%

42.71

The Fresh Market

Brookside Plaza

Hartford-E Hartford-Middletown

CT

2017

1985

220

89.7%

15.29

ShopRite, Bed, Bath & Beyond, TJ Maxx, PetSmart, Staples, Burlington Coat Factory

Corbin's Corner

Hartford-E Hartford-Middletown

CT

40%

2005

1962

32,960

186

95.8%

30.40

Trader Joe's, Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More

Southbury Green

New Haven-Milford

CT

2017

1979

156

94.1%

22.84

ShopRite, Homegoods

Shops at The Columbia

Washington-Arlington-Alexandri

DC

25%

2006

2006

23

100.0%

39.31

Trader Joe's

Spring Valley Shopping Center

Washington-Arlington-Alexandri

DC

40%

2005

1930

11,432

17

82.4%

108.55

-

Pike Creek

Philadelphia-Camden-Wilmington

DE

1998

1981

232

95.3%

15.01

Acme Markets

Shoppes of Graylyn

Philadelphia-Camden-Wilmington

DE

40%

2005

1971

64

89.7%

24.40

Rite Aid

Corkscrew Village

Cape Coral-Fort Myers

FL

2007

1997

82

93.2%

14.28

Publix

Shoppes of Grande Oak

Cape Coral-Fort Myers

FL

2000

2000

79

100.0%

16.78

Publix

Millhopper Shopping Center

Gainesville

FL

1993

1974

83

100.0%

18.11

Publix

Newberry Square

Gainesville

FL

1994

1986

181

45.7%

9.38

Publix, Floor & Décor, Dollar Tree

Anastasia Plaza

Jacksonville

FL

1993

1988

102

96.2%

13.94

Publix

27


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Atlantic Village

Jacksonville

FL

2017

1984

110

95.0%

17.56

LA Fitness, Pet Supplies Plus

Brooklyn Station on Riverside

Jacksonville

FL

2013

2013

50

97.2%

26.74

The Fresh Market

Courtyard Shopping Center

Jacksonville

FL

1993

1987

137

100.0%

3.50

(Publix), Target

East San Marco (7)

Jacksonville

FL

2007

2020

59

0.0%

26.20

Publix

Fleming Island

Jacksonville

FL

1998

2000

132

96.8%

16.92

Publix, (Target), PETCO, Planet Fitness

Hibernia Pavilion

Jacksonville

FL

2006

2006

51

92.0%

16.33

Publix

John's Creek Center

Jacksonville

FL

20%

2003

2004

9,000

75

100.0%

16.03

Publix

Julington Village

Jacksonville

FL

20%

1999

1999

10,000

82

100.0%

16.73

Publix, (CVS)

Mandarin Landing

Jacksonville

FL

2017

1976

140

89.1%

18.15

Whole Foods, Office Depot, Aveda Institute

Nocatee Town Center

Jacksonville

FL

2007

2007

112

100.0%

20.88

Publix

Oakleaf Commons

Jacksonville

FL

2006

2006

74

98.1%

15.61

Publix

Old St Augustine Plaza

Jacksonville

FL

1996

1990

248

100.0%

11.01

Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less

Pablo Plaza

Jacksonville

FL

2017

1974

161

98.4%

17.14

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

Pine Tree Plaza

Jacksonville

FL

1997

1999

63

100.0%

14.77

Publix

Seminole Shoppes

Jacksonville

FL

50%

2009

2009

8,260

87

100.0%

22.52

Publix

Shoppes at Bartram Park

Jacksonville

FL

50%

2005

2004

135

95.4%

20.77

Publix, (Kohl's), (Tutor Time)

Shops at John's Creek

Jacksonville

FL

2003

2004

15

100.0%

24.79

-

South Beach Regional

Jacksonville

FL

2017

1990

308

97.3%

16.56

Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples

Starke (6)

Jacksonville

FL

2000

2000

13

100.0%

27.05

CVS

Aventura Shopping Center

Miami-Ft Lauderdale-PompanoBch

FL

1994

1974

97

100.0%

37.14

Publix, CVS

Aventura Square (6)

Miami-Ft Lauderdale-PompanoBch

FL

2017

1991

4,864

144

79.3%

38.77

Bed, Bath & Beyond, DSW, Jewelry Exchange, Old Navy

Banco Popular Building

Miami-Ft Lauderdale-PompanoBch

FL

2017

1971

33

0.0%

-

-

Bird 107 Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1962

40

92.9%

21.44

Walgreens

Bird Ludlam

Miami-Ft Lauderdale-PompanoBch

FL

2017

1988

192

98.5%

24.05

Winn-Dixie, CVS, Goodwill

Boca Village Square

Miami-Ft Lauderdale-PompanoBch

FL

2017

1978

92

97.6%

22.54

Publix, CVS

Boynton Lakes Plaza

Miami-Ft Lauderdale-PompanoBch

FL

1997

1993

110

94.9%

16.69

Publix, Citi Trends, Pet Supermarket

Boynton Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1978

105

97.2%

21.45

Publix, CVS

Caligo Crossing

Miami-Ft Lauderdale-PompanoBch

FL

2007

2007

11

61.0%

48.33

(Kohl's)

Chasewood Plaza

Miami-Ft Lauderdale-PompanoBch

FL

1993

1986

152

97.1%

26.61

Publix, Pet Smart

Concord Shopping Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1962

27,750

310

95.4%

13.06

Winn-Dixie, Home Depot, Big Lots, Dollar Tree, YouFit Health Club

Coral Reef Shopping Center

Miami-Ft Lauderdale-PompanoBch

FL

2017

1968

75

98.8%

32.80

Aldi, Walgreens

Country Walk Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1985

16,000

101

90.3%

20.37

Publix, CVS

Countryside Shops

Miami-Ft Lauderdale-PompanoBch

FL

2017

1986

193

93.7%

24.21

Publix, Ross Dress for Less

Fountain Square

Miami-Ft Lauderdale-PompanoBch

FL

2013

2013

177

92.5%

26.88

Publix,(Target), Ross Dress for Less, TJ Maxx, Ulta

Gardens Square

Miami-Ft Lauderdale-PompanoBch

FL

1997

1991

90

100.0%

18.61

Publix

Greenwood Shopping Centre

Miami-Ft Lauderdale-PompanoBch

FL

2017

1982

133

93.2%

15.99

Publix, Beall's

Hammocks Town Center

Miami-Ft Lauderdale-PompanoBch

FL

2017

1987

187

98.1%

17.53

Publix, Metro-Dade Public Library, (Kendall Ice Arena), YouFit Health Club, Goodwill, CVS

Homestead McDonald's

Miami-Ft Lauderdale-PompanoBch

FL

2017

2014

4

100.0%

27.74

-

Lantana Outparcels

Miami-Ft Lauderdale-PompanoBch

FL

2017

1976

11

100.0%

22.22

-

Pine Island

Miami-Ft Lauderdale-PompanoBch

FL

2017

1999

255

97.9%

14.63

Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club

Pine Ridge Square

Miami-Ft Lauderdale-PompanoBch

FL

2017

1986

118

97.0%

18.33

The Fresh Market, Bed, Bath & Beyond, Marshalls, Ulta

Pinecrest Place (6)

Miami-Ft Lauderdale-PompanoBch

FL

2017

2017

70

92.0%

39.99

Whole Foods, (Target)

28


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Point Royale Shopping Center

Miami-Ft Lauderdale-PompanoBch

FL

2017

1970

202

98.4%

15.97

Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness

Prosperity Centre

Miami-Ft Lauderdale-PompanoBch

FL

2017

1993

124

93.5%

22.46

Bed, Bath & Beyond, Office Depot, TJ Maxx, CVS

Sawgrass Promenade

Miami-Ft Lauderdale-PompanoBch

FL

2017

1982

107

90.3%

12.28

Publix, Walgreens, Dollar Tree

Sheridan Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1973

507

92.8%

19.07

Publix, Kohl's, LA Fitness, Office Depot, Ross Dress for Less, Pet Supplies Plus, Wellmax

Shoppes @ 104

Miami-Ft Lauderdale-PompanoBch

FL

1998

1990

112

97.5%

19.54

Winn-Dixie, CVS

Shoppes at Lago Mar

Miami-Ft Lauderdale-PompanoBch

FL

2017

1995

83

93.9%

15.29

Publix, YouFit Health Club

Shoppes of Jonathan's Landing

Miami-Ft Lauderdale-PompanoBch

FL

2017

1997

27

100.0%

26.07

(Publix)

Shoppes of Oakbrook

Miami-Ft Lauderdale-PompanoBch

FL

2017

1974

2,654

200

94.1%

17.17

Publix, Tuesday Morning, Duffy's Sports Bar, CVS

Shoppes of Silver Lakes

Miami-Ft Lauderdale-PompanoBch

FL

2017

1995

127

91.7%

19.79

Publix, Goodwill

Shoppes of Sunset

Miami-Ft Lauderdale-PompanoBch

FL

2017

1979

22

85.9%

25.78

-

Shoppes of Sunset II

Miami-Ft Lauderdale-PompanoBch

FL

2017

1980

28

74.2%

22.92

-

Shops at Skylake

Miami-Ft Lauderdale-PompanoBch

FL

2017

1999

288

93.6%

24.03

Publix, LA Fitness, TJ Maxx, Goodwill

Tamarac Town Square

Miami-Ft Lauderdale-PompanoBch

FL

2017

1987

125

75.8%

12.79

Publix, Dollar Tree

University Commons (6)

Miami-Ft Lauderdale-PompanoBch

FL

2015

2001

180

100.0%

32.49

Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond

Veranda Shoppes

Miami-Ft Lauderdale-PompanoBch

FL

30%

2017

2007

9,000

45

97.3%

27.11

Publix

Waterstone Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

2005

61

100.0%

17.19

Publix

Welleby Plaza

Miami-Ft Lauderdale-PompanoBch

FL

1996

1982

110

91.3%

13.67

Publix, Dollar Tree

Wellington Town Square

Miami-Ft Lauderdale-PompanoBch

FL

1996

1982

112

100.0%

31.11

Publix, CVS

West Bird Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

1977

99

98.5%

24.77

-

West Lake Shopping Center

Miami-Ft Lauderdale-PompanoBch

FL

2017

1984

101

96.8%

19.30

Winn-Dixie, CVS

Westport Plaza

Miami-Ft Lauderdale-PompanoBch

FL

2017

2002

2,098

47

100.0%

20.54

Publix

Berkshire Commons

Naples-Marco Island

FL

1994

1992

110

98.6%

14.74

Publix, Walgreens

Naples Walk

Naples-Marco Island

FL

2007

1999

125

98.6%

17.86

Publix

Pavillion

Naples-Marco Island

FL

2017

1982

168

96.5%

21.84

LA Fitness, Paragon Theaters, J. Lee Salon Suites

Shoppes of Pebblebrook Plaza

Naples-Marco Island

FL

50%

2000

2000

77

100.0%

15.69

Publix, (Walgreens)

Glengary Shoppes

North Port-Sarasota-Bradenton

FL

2017

1995

93

100.0%

19.55

Best Buy, Barnes & Noble

Alafaya Village

Orlando-Kissimmee-Sanford

FL

2017

1986

38

93.9%

23.19

-

Kirkman Shoppes

Orlando-Kissimmee-Sanford

FL

2017

1973

115

96.7%

23.85

LA Fitness, Walgreens

Lake Mary Centre

Orlando-Kissimmee-Sanford

FL

2017

1988

360

94.7%

16.72

The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot

Plaza Venezia

Orlando-Kissimmee-Sanford

FL

20%

2016

2000

36,500

202

99.8%

27.53

Publix, Eddie V's

The Grove

Orlando-Kissimmee-Sanford

FL

30%

2017

2004

22,500

152

98.4%

21.36

Publix, LA Fitness

Town and Country

Orlando-Kissimmee-Sanford

FL

2017

1993

78

100.0%

10.85

Ross Dress for Less

Unigold Shopping Center

Orlando-Kissimmee-Sanford

FL

2017

1987

115

95.0%

15.34

Lucky's, YouFit Health Club, Ross Dress for Less

Willa Springs

Orlando-Kissimmee-Sanford

FL

20%

2000

2000

16,700

90

95.4%

21.60

Publix

Cashmere Corners

Port St. Lucie

FL

2017

2001

86

83.7%

14.04

WalMart

Salerno Village

Port St. Lucie

FL

2017

1987

5

100.0%

16.53

-

The Plaza at St. Lucie West

Port St. Lucie

FL

2017

2006

27

93.6%

23.78

-

Charlotte Square

Punta Gorda

FL

2017

1980

91

78.7%

10.92

WalMart, Buffet City

Ryanwood Square

Sebastian-Vero Beach

FL

2017

1987

115

87.8%

11.63

Publix, Beall's, Harbor Freight Tools

South Point

Sebastian-Vero Beach

FL

2017

2003

65

97.8%

17.07

Publix

Treasure Coast Plaza

Sebastian-Vero Beach

FL

2017

1983

2,007

134

94.6%

16.97

Publix, TJ Maxx

Carriage Gate

Tallahassee

FL

1994

1978

73

100.0%

23.81

Trader Joe's, TJ Maxx

Ocala Corners (6)

Tallahassee

FL

2000

2000

87

98.6%

15.12

Publix

29


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Bloomingdale Square

Tampa-St Petersburg-Clearwater

FL

1998

1987

252

93.7%

18.56

Publix, Bealls, Dollar Tree, Home Centric, LA Fitness

Northgate Square

Tampa-St Petersburg-Clearwater

FL

2007

1995

75

100.0%

14.77

Publix

Regency Square

Tampa-St Petersburg-Clearwater

FL

1993

1986

352

93.1%

19.18

AMC Theater, (Best Buy), (Macdill), Dollar Tree, Five Below, Marshall's, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy

Shoppes at Sunlake Centre

Tampa-St Petersburg-Clearwater

FL

2017

2008

111

100.0%

21.86

Publix

Suncoast Crossing (6)

Tampa-St Petersburg-Clearwater

FL

2007

2007

118

97.6%

6.76

Kohl's, (Target)

The Village at Hunter's Lake

Tampa-St Petersburg-Clearwater

FL

2018

2018

72

95.1%

27.43

Sprouts

Town Square

Tampa-St Petersburg-Clearwater

FL

1997

1999

44

100.0%

35.19

PETCO

Village Center

Tampa-St Petersburg-Clearwater

FL

1995

1993

187

99.9%

23.83

Publix, Walgreens

Westchase

Tampa-St Petersburg-Clearwater

FL

2007

1998

79

95.2%

17.01

Publix

Ashford Place

Atlanta-SandySprings-Alpharett

GA

1997

1993

53

96.7%

22.45

Harbor Freight Tools

Briarcliff La Vista

Atlanta-SandySprings-Alpharett

GA

1997

1962

43

100.0%

21.98

Michael's

Briarcliff Village (6)

Atlanta-SandySprings-Alpharett

GA

1997

1990

189

98.4%

16.82

Publix,  Party City, Shoe Carnival, TJ Maxx, Burlington

Bridgemill Market

Atlanta-SandySprings-Alpharett

GA

2017

2000

4,012

89

82.4%

17.12

Publix

Brighten Park

Atlanta-SandySprings-Alpharett

GA

1997

1986

137

97.1%

28.00

Lidl, Dance 101

Buckhead Court

Atlanta-SandySprings-Alpharett

GA

1997

1984

49

100.0%

28.56

-

Buckhead Station

Atlanta-SandySprings-Alpharett

GA

2017

1996

234

100.0%

24.43

Nordstrom Rack, TJ Maxx, Bed Bath & Beyond, Saks Off Fifth, DSW, Cost Plus World Market, Old Navy, Ulta

Cambridge Square

Atlanta-SandySprings-Alpharett

GA

1996

1979

71

100.0%

24.24

-

Chastain Square

Atlanta-SandySprings-Alpharett

GA

2017

1981

92

93.7%

22.63

Publix

Cornerstone Square

Atlanta-SandySprings-Alpharett

GA

1997

1990

80

100.0%

17.77

Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint

Dunwoody Hall

Atlanta-SandySprings-Alpharett

GA

20%

1997

1986

13,800

86

93.8%

20.31

Publix

Dunwoody Village

Atlanta-SandySprings-Alpharett

GA

1997

1975

121

94.0%

20.16

The Fresh Market, Walgreens, Dunwoody Prep

Howell Mill Village (6)

Atlanta-SandySprings-Alpharett

GA

2004

1984

92

95.9%

24.01

Publix, Walgreens

Paces Ferry Plaza (6)

Atlanta-SandySprings-Alpharett

GA

1997

1987

82

99.9%

38.69

Whole Foods

Piedmont Peachtree Crossing

Atlanta-SandySprings-Alpharett

GA

2017

1978

152

83.5%

20.48

Kroger, Binders Art Supplies & Frames

Powers Ferry Square

Atlanta-SandySprings-Alpharett

GA

1997

1987

101

91.0%

32.24

HomeGoods, PETCO

Powers Ferry Village

Atlanta-SandySprings-Alpharett

GA

1997

1994

79

87.3%

10.17

Publix, The Juice Box

Russell Ridge

Atlanta-SandySprings-Alpharett

GA

1994

1995

101

100.0%

12.90

Kroger

Sandy Springs

Atlanta-SandySprings-Alpharett

GA

2012

2006

116

94.4%

23.41

Trader Joe's, Fox's, Peter Glenn Ski & Sports

Sope Creek Crossing

Atlanta-SandySprings-Alpharett

GA

1998

1991

99

100.0%

16.32

Publix

The Shops at Hampton Oaks

Atlanta-SandySprings-Alpharett

GA

2017

2009

21

37.8%

11.07

(CVS)

Williamsburg at Dunwoody

Atlanta-SandySprings-Alpharett

GA

2017

1983

45

85.4%

26.77

-

Civic Center Plaza

Chicago-Naperville-Elgin

IL

40%

2005

1989

22,000

265

97.1%

11.29

Super H Mart, Home Depot, O'Reilly Automotive, King Spa

Clybourn Commons

Chicago-Naperville-Elgin

IL

2014

1999

32

73.2%

36.82

PETCO

Glen Oak Plaza

Chicago-Naperville-Elgin

IL

2010

1967

63

96.6%

24.99

Trader Joe's, Walgreens, Northshore University Healthsystems

Hinsdale

Chicago-Naperville-Elgin

IL

1998

1986

185

96.9%

15.72

Whole Foods, Goodwill, Charter Fitness, Petco

Mellody Farm

Chicago-Naperville-Elgin

IL

2017

2017

259

94.4%

28.51

Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm

Riverside Sq & River's Edge

Chicago-Naperville-Elgin

IL

40%

2005

1986

13,675

169

96.2%

17.39

Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness

30


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Roscoe Square

Chicago-Naperville-Elgin

IL

40%

2005

1981

10,323

140

100.0%

21.83

Mariano's Fresh Market, Ashley Furniture, Walgreens

Westchester Commons

Chicago-Naperville-Elgin

IL

2001

1984

139

94.3%

18.34

Mariano's Fresh Market, Goodwill

Willow Festival (6)

Chicago-Naperville-Elgin

IL

2010

2007

404

97.6%

17.99

Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta

Shops on Main

Chicago-Naperville-Elgin

IN

94%

2013

2013

279

100.0%

15.85

Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls

Willow Lake Shopping Center

Indianapolis-Carmel-Anderson

IN

40%

2005

1987

86

83.1%

17.59

(Kroger)

Willow Lake West Shopping Center

Indianapolis-Carmel-Anderson

IN

40%

2005

2001

10,000

53

97.0%

26.99

Trader Joe's

Fellsway Plaza

Boston-Cambridge-Newton

MA

75%

2013

1959

36,592

158

97.0%

25.07

Stop & Shop, Planet Fitness

Shaw's at Plymouth

Boston-Cambridge-Newton

MA

2017

1993

60

100.0%

17.58

Shaw's

Shops at Saugus

Boston-Cambridge-Newton

MA

2006

2006

87

93.3%

29.81

Trader Joe's, La-Z-Boy, PetSmart

Star's at Cambridge

Boston-Cambridge-Newton

MA

2017

1953

66

100.0%

37.44

Star Market

Star's at Quincy

Boston-Cambridge-Newton

MA

2017

1965

101

100.0%

21.48

Star Market

Star's at West Roxbury

Boston-Cambridge-Newton

MA

2017

1973

76

100.0%

25.10

Shaw's

The Abbot

Boston-Cambridge-Newton

MA

2017

1906

65

0.0%

60.35

-

Twin City Plaza

Boston-Cambridge-Newton

MA

2006

2004

286

99.5%

21.30

Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs

Northborough Crossing

Worcester

MA

30%

2017

2011

58,654

646

97.5%

13.36

Wegmans, BJ's Wholesale Club, Kohl's,Dick's Sporting Goods, Pottery Barn Outlet, TJ Maxx, Michael's, PetSmart, Homegoods, Old Navy, Homesense

Festival at Woodholme

Baltimore-Columbia-Towson

MD

40%

2005

1986

19,000

81

100.0%

39.80

Trader Joe's

Parkville Shopping Center

Baltimore-Columbia-Towson

MD

40%

2005

1961

10,546

165

97.1%

16.25

Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville

Southside Marketplace

Baltimore-Columbia-Towson

MD

40%

2005

1990

13,124

125

95.5%

21.82

Shoppers Food Warehouse

Valley Centre

Baltimore-Columbia-Towson

MD

40%

2005

1987

220

81.5%

16.93

Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's

Village at Lee Airpark (6)

Baltimore-Columbia-Towson

MD

2005

2005

121

100.0%

29.21

Giant, (Sunrise)

Burnt Mills (6)

Washington-Arlington-Alexandri

MD

20%

2013

2004

3,000

31

94.6%

40.42

Trader Joe's

Cloppers Mill Village

Washington-Arlington-Alexandri

MD

40%

2005

1995

137

94.0%

17.80

Shoppers Food Warehouse, CVS, Dollar Tree

Firstfield Shopping Center

Washington-Arlington-Alexandri

MD

40%

2005

1978

22

93.7%

44.05

-

Takoma Park

Washington-Arlington-Alexandri

MD

40%

2005

1960

104

100.0%

13.94

Lidl

Watkins Park Plaza

Washington-Arlington-Alexandri

MD

40%

2005

1985

111

100.0%

27.45

LA Fitness, CVS

Westbard Square

Washington-Arlington-Alexandri

MD

2017

1960/1976

213

89.7%

31.35

Giant, Citgo, Bowlmor AMF

Woodmoor Shopping Center

Washington-Arlington-Alexandri

MD

40%

2005

1954

19,000

69

99.4%

34.08

CVS

Fenton Marketplace

Flint

MI

1999

1999

97

100.0%

8.64

Family Farm & Home, Michael's

Apple Valley Square

Minneapol-St. Paul-Bloomington

MN

25%

2006

1998

176

100.0%

16.12

Jo-Ann Fabrics, Experience Fitness, (Burlington Coat Factory), (Aldi), Savers, PETCO

Cedar Commons (fka Calhoun Commons)

Minneapol-St. Paul-Bloomington

MN

25%

2011

1999

66

100.0%

27.84

Whole Foods

Colonial Square

Minneapol-St. Paul-Bloomington

MN

40%

2005

1959

19,700

93

98.6%

25.43

Lund's

Rockford Road Plaza

Minneapol-St. Paul-Bloomington

MN

40%

2005

1991

20,000

204

96.4%

13.49

Kohl's, PetSmart, HomeGoods, TJ Maxx

Rockridge Center

Minneapol-St. Paul-Bloomington

MN

20%

2011

2006

14,500

125

90.8%

13.53

CUB Foods

Brentwood Plaza

St. Louis

MO

2007

2002

60

100.0%

11.29

Schnucks

Bridgeton

St. Louis

MO

2007

2005

71

100.0%

12.26

Schnucks, (Home Depot)

Dardenne Crossing

St. Louis

MO

2007

1996

67

100.0%

11.05

Schnucks

Kirkwood Commons

St. Louis

MO

2007

2000

7,302

210

100.0%

10.05

Walmart, (Target), (Lowe's), TJ Maxx, HomeGoods, Famous Footwear

31


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Carmel Commons

Charlotte-Concord-Gastonia

NC

1997

1979

135

77.6%

23.96

The Fresh Market, Chuck E. Cheese, Party City

Cochran Commons

Charlotte-Concord-Gastonia

NC

20%

2007

2003

4,063

66

100.0%

16.99

Harris Teeter, (Walgreens)

Providence Commons

Charlotte-Concord-Gastonia

NC

25%

2010

1994

74

100.0%

19.09

Harris Teeter

Willow Oaks

Charlotte-Concord-Gastonia

NC

2014

2014

65

94.9%

17.32

Publix

Shops at Erwin Mill

Durham-Chapel Hill

NC

55%

2012

2012

10,000

91

96.4%

18.56

Harris Teeter

Southpoint Crossing

Durham-Chapel Hill

NC

1998

1998

103

100.0%

16.47

Harris Teeter

Village Plaza

Durham-Chapel Hill

NC

20%

2012

1975

12,000

74

100.0%

22.07

Whole Foods, Community Worx

Woodcroft Shopping Center

Durham-Chapel Hill

NC

1996

1984

90

97.3%

13.87

Food Lion, ACE Hardware

Village District (fka Cameron Village)

Raleigh-Cary

NC

30%

2004

1949

60,000

558

93.7%

25.06

Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora

Glenwood Village

Raleigh-Cary

NC

1997

1983

43

100.0%

16.63

Harris Teeter

Harris Crossing

Raleigh-Cary

NC

2007

2007

65

98.3%

9.50

Harris Teeter

Holly Park

Raleigh-Cary

NC

2013

1969

160

99.9%

17.92

DSW, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta

Lake Pine Plaza

Raleigh-Cary

NC

1998

1997

88

100.0%

13.43

Harris Teeter

Market at Colonnade Center

Raleigh-Cary

NC

2009

2009

58

100.0%

27.82

Whole Foods

Midtown East

Raleigh-Cary

NC

50%

2017

2017

26,337

159

93.4%

23.64

Wegmans

Ridgewood Shopping Center

Raleigh-Cary

NC

20%

2018

1951

9,751

93

89.4%

18.82

Whole Foods, Walgreens

Shoppes of Kildaire

Raleigh-Cary

NC

40%

2005

1986

20,000

145

100.0%

18.91

Trader Joe's, Aldi, Fitness Connection, Staples

Sutton Square

Raleigh-Cary

NC

20%

2006

1985

101

89.7%

20.51

The Fresh Market

Chimney Rock (6)

New York-Newark-Jersey City

NJ

2016

2016

218

99.0%

36.78

Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Cost Plus World Market, Ulta

District at Metuchen (6)

New York-Newark-Jersey City

NJ

20%

2018

2017

16,000

67

100.0%

29.76

Whole Foods

Plaza Square

New York-Newark-Jersey City

NJ

40%

2005

1990

104

89.0%

21.73

Shop Rite

Riverfront Plaza

New York-Newark-Jersey City

NJ

30%

2017

1997

24,000

129

92.8%

26.82

ShopRite

Haddon Commons

Philadelphia-Camden-Wilmington

NJ

40%

2005

1985

54

100.0%

15.06

Acme Markets

101 7th Avenue

New York-Newark-Jersey City

NY

2017

1930

57

100.0%

-

-

1175 Third Avenue

New York-Newark-Jersey City

NY

2017

1995

25

100.0%

116.62

The Food Emporium

1225-1239 Second Ave

New York-Newark-Jersey City

NY

2017

1964

18

100.0%

125.79

CVS

90 - 30 Metropolitan Avenue

New York-Newark-Jersey City

NY

2017

2007

60

93.9%

34.27

Trader Joe's, Staples, Michaels

Broadway Plaza (6)

New York-Newark-Jersey City

NY

2017

2014

147

91.8%

40.88

Aldi, Bob's Discount Furniture, TJ Maxx, Blink Fitness, Best Buy

Clocktower Plaza Shopping Ctr (6)

New York-Newark-Jersey City

NY

2017

1985

79

100.0%

49.56

Stop & Shop

Hewlett Crossing I & II

New York-Newark-Jersey City

NY

2018

1954

9,235

53

96.3%

40.60

Petco

Lake Grove Commons

New York-Newark-Jersey City

NY

40%

2012

2008

50,000

141

100.0%

35.24

Whole Foods, LA Fitness, PETCO

Rivertowns Square

New York-Newark-Jersey City

NY

2018

2016

116

58.4%

33.80

Ulta, The Learning Experience, Mom's Organic Market

The Gallery at Westbury Plaza

New York-Newark-Jersey City

NY

2017

2013

312

97.9%

48.75

Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear

The Point at Garden City Park (6)

New York-Newark-Jersey City

NY

2016

1965

105

100.0%

28.96

King Kullen

32


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Westbury Plaza

New York-Newark-Jersey City

NY

2017

1993

88,000

397

95.4%

25.40

WalMart, Costco, Marshalls, Total Wine and More, Olive Garden

Cherry Grove

Cincinnati

OH

1998

1997

196

97.8%

11.99

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

Hyde Park

Cincinnati

OH

1997

1995

401

99.5%

16.51

Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls

Red Bank Village

Cincinnati

OH

2006

2006

176

100.0%

7.47

WalMart

Regency Commons

Cincinnati

OH

2004

2004

34

74.3%

26.31

-

West Chester Plaza

Cincinnati

OH

1998

1988

88

100.0%

10.15

Kroger

East Pointe

Columbus

OH

1998

1993

109

98.7%

10.56

Kroger

Kroger New Albany Center

Columbus

OH

50%

1999

1999

93

100.0%

13.10

Kroger

Northgate Plaza (Maxtown Road)

Columbus

OH

1998

1996

114

100.0%

11.75

Kroger, (Home Depot)

Corvallis Market Center

Corvallis

OR

2006

2006

85

90.9%

21.75

Trader Joe's, TJ Maxx, Michael's

Northgate Marketplace

Medford

OR

2011

2011

81

100.0%

22.80

Trader Joe's, REI, PETCO

Northgate Marketplace Ph II

Medford

OR

2015

2015

177

97.4%

17.10

Dick's Sporting Goods, Homegoods, Marshalls

Greenway Town Center

Portland-Vancouver-Hillsboro

OR

40%

2005

1979

10,723

93

100.0%

16.05

Whole Foods, Rite Aid, Dollar Tree

Murrayhill Marketplace

Portland-Vancouver-Hillsboro

OR

1999

1988

150

87.5%

19.89

Safeway, Planet Fitness

Sherwood Crossroads

Portland-Vancouver-Hillsboro

OR

1999

1999

88

98.4%

12.02

Safeway

Tanasbourne Market (6)

Portland-Vancouver-Hillsboro

OR

2006

2006

71

100.0%

30.18

Whole Foods

Walker Center

Portland-Vancouver-Hillsboro

OR

1999

1987

90

98.4%

21.88

Bed Bath & Beyond

Allen Street Shopping Ctr

Allentown-Bethlehem-Easton

PA

40%

2005

1958

46

100.0%

16.08

Ahart's Market

Lower Nazareth Commons

Allentown-Bethlehem-Easton

PA

2007

2007

90

97.8%

26.41

(Wegmans), (Target), Burlington Coat Factory, PETCO

Stefko Boulevard Shopping Center (6)

Allentown-Bethlehem-Easton

PA

40%

2005

1976

134

95.1%

10.63

Valley Farm Market, Dollar Tree, Retro Fitness

Hershey (6)

Harrisburg-Carlisle

PA

2000

2000

6

100.0%

30.00

-

City Avenue Shopping Center

Philadelphia-Camden-Wilmington

PA

40%

2005

1960

162

93.5%

19.32

Ross Dress for Less, TJ Maxx, Dollar Tree

Gateway Shopping Center

Philadelphia-Camden-Wilmington

PA

2004

1960

221

97.5%

32.63

Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics

Mercer Square Shopping Center

Philadelphia-Camden-Wilmington

PA

40%

2005

1988

91

98.0%

24.37

Weis Markets

Newtown Square Shopping Center

Philadelphia-Camden-Wilmington

PA

40%

2005

1970

20,000

143

86.5%

18.73

Acme Markets, Michael's

Warwick Square Shopping Center

Philadelphia-Camden-Wilmington

PA

40%

2005

1999

93

44.3%

28.33

-

Indigo Square

Charleston-North Charleston

SC

2017

2017

51

97.4%

29.20

Publix

Merchants Village

Charleston-North Charleston

SC

40%

1997

1997

9,000

80

100.0%

17.10

Publix

Harpeth Village Fieldstone

Nashvil-Davdsn-Murfree-Frankln

TN

1997

1998

70

100.0%

15.88

Publix

Northlake Village

Nashvil-Davdsn-Murfree-Frankln

TN

2000

1988

138

100.0%

14.05

Kroger

Peartree Village

Nashvil-Davdsn-Murfree-Frankln

TN

1997

1997

110

100.0%

19.96

Kroger, PETCO

Hancock

Austin-Round Rock-Georgetown

TX

1999

1998

410

52.9%

20.75

H.E.B, Twin Liquors, PETCO, 24 Hour Fitness, Firestone Complete Auto Care

Market at Round Rock

Austin-Round Rock-Georgetown

TX

1999

1987

123

97.5%

18.52

Sprout's Markets, Office Depot, Tuesday Morning

North Hills

Austin-Round Rock-Georgetown

TX

1999

1995

145

98.3%

22.37

H.E.B.

Shops at Mira Vista

Austin-Round Rock-Georgetown

TX

2014

2002

204

68

100.0%

23.80

Trader Joe's, Champions Westlake Gymnastics & Cheer

Tech Ridge Center

Austin-Round Rock-Georgetown

TX

2011

2001

3,346

215

88.1%

23.22

H.E.B., Pinstack

Bethany Park Place

Dallas-Fort Worth-Arlington

TX

20%

1998

1998

10,200

99

98.0%

11.66

Kroger

CityLine Market

Dallas-Fort Worth-Arlington

TX

2014

2014

81

98.0%

27.65

Whole Foods

33


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

CityLine Market Phase II

Dallas-Fort Worth-Arlington

TX

2014

2015

22

100.0%

26.64

CVS

Hickory Creek Plaza

Dallas-Fort Worth-Arlington

TX

2006

2006

28

100.0%

28.81

(Kroger)

Hillcrest Village

Dallas-Fort Worth-Arlington

TX

1999

1991

15

100.0%

47.73

-

Keller Town Center

Dallas-Fort Worth-Arlington

TX

1999

1999

120

99.0%

16.31

Tom Thumb

Lebanon/Legacy Center

Dallas-Fort Worth-Arlington

TX

2000

2002

56

87.8%

28.21

(Wal-Mart)

Market at Preston Forest

Dallas-Fort Worth-Arlington

TX

1999

1990

96

98.9%

21.34

Tom Thumb

Mockingbird Commons

Dallas-Fort Worth-Arlington

TX

1999

1987

120

95.4%

18.37

Tom Thumb, Ogle School of Hair Design

Preston Oaks (6)

Dallas-Fort Worth-Arlington

TX

2013

1991

101

98.1%

27.71

H.E.B., Central Market, Talbots

Prestonbrook

Dallas-Fort Worth-Arlington

TX

1998

1998

92

98.5%

15.03

Kroger

Shiloh Springs

Dallas-Fort Worth-Arlington

TX

20%

1998

1998

110

89.8%

14.24

Kroger

Alden Bridge

Houston-Woodlands-Sugar Land

TX

20%

2002

1998

26,000

139

98.8%

20.91

Kroger, Walgreens

Cochran's Crossing

Houston-Woodlands-Sugar Land

TX

2002

1994

138

94.3%

19.00

Kroger, CVS

Eastfield at Baybrook (7)

Houston-Woodlands-Sugar Land

TX

50%

2020

2020

106

0.0%

3.16

H.E.B

Indian Springs Center

Houston-Woodlands-Sugar Land

TX

2002

2003

137

100.0%

24.67

H.E.B.

Market at Springwoods Village

Houston-Woodlands-Sugar Land

TX

53%

2016

2016

6,350

167

96.3%

16.55

Kroger

Panther Creek

Houston-Woodlands-Sugar Land

TX

2002

1994

166

94.7%

22.65

CVS, The Woodlands Childrens Museum, Fitness Project

Southpark at Cinco Ranch

Houston-Woodlands-Sugar Land

TX

2012

2012

265

99.3%

13.46

Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods

Sterling Ridge

Houston-Woodlands-Sugar Land

TX

2002

2000

129

97.2%

21.01

Kroger,CVS

Sweetwater Plaza

Houston-Woodlands-Sugar Land

TX

20%

2001

2000

20,000

134

100.0%

17.79

Kroger, Walgreens

The Village at Riverstone

Houston-Woodlands-Sugar Land

TX

2016

2016

165

94.8%

16.78

Kroger

Weslayan Plaza East

Houston-Woodlands-Sugar Land

TX

40%

2005

1969

169

100.0%

20.44

Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Bike Barn

Weslayan Plaza West

Houston-Woodlands-Sugar Land

TX

40%

2005

1969

34,548

186

98.9%

19.97

Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods

Westwood Village

Houston-Woodlands-Sugar Land

TX

2006

2006

187

99.2%

20.06

(Target), Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx

Woodway Collection

Houston-Woodlands-Sugar Land

TX

40%

2005

1974

7,922

97

98.5%

30.07

Whole Foods

Carytown Exchange (7)

Richmond

VA

47%

2018

2018

116

49.5%

21.02

Publix, CVS

Hanover Village Shopping Center

Richmond

VA

40%

2005

1971

90

100.0%

9.34

Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning

Village Shopping Center

Richmond

VA

40%

2005

1948

14,354

116

90.4%

24.70

Publix, CVS

Ashburn Farm Village Center

Washington-Arlington-Alexandri

VA

40%

2005

1996

92

100.0%

16.34

Patel Brothers, The Shop Gym

Belmont Chase

Washington-Arlington-Alexandri

VA

2014

2014

91

100.0%

32.60

Whole Foods, Cooper's Hawk Winery

Braemar Village Center

Washington-Arlington-Alexandri

VA

25%

2004

2004

104

98.1%

23.18

Safeway

Centre Ridge Marketplace

Washington-Arlington-Alexandri

VA

40%

2005

1996

12,112

107

98.9%

19.68

United States Coast Guard Ex

Festival at Manchester Lakes (6)

Washington-Arlington-Alexandri

VA

40%

2005

1990

169

92.8%

28.42

Grocer, Homesense

Fox Mill Shopping Center

Washington-Arlington-Alexandri

VA

40%

2005

1977

14,548

103

100.0%

26.68

Giant

Greenbriar Town Center

Washington-Arlington-Alexandri

VA

40%

2005

1972

76,200

340

96.1%

27.96

Giant, Bob's Discount Furniture, CVS,Ross Dress for Less, Marshalls, Planet Fitness, Big Blue Swim School

Kamp Washington Shopping Center

Washington-Arlington-Alexandri

VA

40%

2005

1960

71

100.0%

41.09

-

Kings Park Shopping Center (6)

Washington-Arlington-Alexandri

VA

40%

2005

1966

12,293

96

98.1%

32.65

Giant, CVS

Lorton Station Marketplace

Washington-Arlington-Alexandri

VA

20%

2006

2005

9,875

132

90.5%

26.94

Grocer

Market Common Clarendon

Washington-Arlington-Alexandri

VA

2016

2001

421

72.6%

33.18

Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Jumping Joeys, Equinox

Point 50

Washington-Arlington-Alexandri

VA

2007

1955

48

71.2%

29.21

Whole Foods

Saratoga Shopping Center

Washington-Arlington-Alexandri

VA

40%

2005

1977

22,800

113

100.0%

21.90

Giant

34


Property Name

CBSA (1)

State

Owner-

ship

Interest (2)

Year

Acquired

Year

Constructed

or Last Major

Renovation

Mortgages or

Encumbrances

(in 000's)

Gross

Leasable

Area

(GLA)

(in 000's)

Percent

Leased (3)

Average

Base Rent

(Per Sq

Ft) (4)

MajorTenant(s) (5)

Shops at County Center

Washington-Arlington-Alexandri

VA

2005

2005

97

91.4%

20.47

Harris Teeter

The Field at Commonwealth

Washington-Arlington-Alexandri

VA

2017

2017

167

99.0%

22.05

Wegmans

Village Center at Dulles

Washington-Arlington-Alexandri

VA

20%

2002

1991

37,216

301

96.2%

27.36

Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max

Willston Centre I

Washington-Arlington-Alexandri

VA

40%

2005

1952

105

91.7%

27.78

CVS, Fashion K City

Willston Centre II

Washington-Arlington-Alexandri

VA

40%

2005

1986

25,544

136

98.8%

27.08

Safeway, (Target)

6401 Roosevelt

Seattle-Tacoma-Bellevue

WA

2019

1929

8

69.0%

18.58

-

Aurora Marketplace

Seattle-Tacoma-Bellevue

WA

40%

2005

1991

10,390

107

100.0%

16.97

Safeway, TJ Maxx

Ballard Blocks I

Seattle-Tacoma-Bellevue

WA

50%

2018

2007

132

96.5%

26.06

Trader Joe's, LA Fitness, Ross Dress for Less

Ballard Blocks II

Seattle-Tacoma-Bellevue

WA

50%

2018

2018

117

94.8%

34.71

PCC Community Markets, Bright Horizons, West Marine,Trufusion, Kaiser Permanente, Prokarma

Broadway Market (6)

Seattle-Tacoma-Bellevue

WA

20%

2014

1988

21,500

140

97.9%

29.30

Quality Food Centers, Gold's Gym

Cascade Plaza

Seattle-Tacoma-Bellevue

WA

20%

1999

1999

560

207

95.6%

12.35

Safeway, Jo-Ann Fabrics, Ross Dress For Less, Big Lots, Fplanet Fitness, Big 5 Sporting Goods, Dollar Tree

Eastgate Plaza

Seattle-Tacoma-Bellevue

WA

40%

2005

1956

22,000

85

100.0%

30.59

Safeway, Rite Aid

Grand Ridge Plaza

Seattle-Tacoma-Bellevue

WA

2012

2012

331

100.0%

25.45

Safeway, Regal Cinemas, Dick's Sporting Goods, Marshalls, Ulta , Bevmo!

Inglewood Plaza

Seattle-Tacoma-Bellevue

WA

1999

1985

17

80.3%

43.19

-

Klahanie Shopping Center

Seattle-Tacoma-Bellevue

WA

2016

1998

67

98.4%

35.05

(QFC)

Melrose Market

Seattle-Tacoma-Bellevue

WA

2019

1926

21

100.0%

34.32

-

Overlake Fashion Plaza

Seattle-Tacoma-Bellevue

WA

40%

2005

1987

93

93.3%

28.57

Marshalls, Bevmo!, Amazon Go Grocery

Pine Lake Village

Seattle-Tacoma-Bellevue

WA

1999

1989

103

94.3%

24.78

Quality Food Centers, Rite Aid

Roosevelt Square

Seattle-Tacoma-Bellevue

WA

2017

2017

150

100.0%

26.11

Whole Foods, Bartell, Guitar Center, LA Fitness

Sammamish-Highlands

Seattle-Tacoma-Bellevue

WA

1999

1992

101

98.3%

35.65

Trader Joe's, (Safeway), Bartell Drugs

Southcenter

Seattle-Tacoma-Bellevue

WA

1999

1990

58

100.0%

31.64

(Target)

Regency Centers Total

$

1,981,920

51,912

92.3%

$

22.86

(1)

CBSA refers to Core Based Statistical Area.

(2)

Represents our ownership interest in the property, if not wholly owned.

(3)

Includes properties where we have not yet incurred at least 90% of the expected costs to complete and 95% occupied or the anchor has not yet been open for at least two calendar years (“development properties” or “properties in development”).  If development properties are excluded, the total percentage leased would be 92.6% for our Combined Portfolio of shopping centers.

(4)

Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue.

(5)

Major tenants are the grocery anchor and any tenant 10,000 square feet or greater.  Retailers in parenthesis are shadow anchors at our centers.  We have no ownership or leasehold interest in their space, which is within or adjacent to our property.

(6)

The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease.

(7)

Property in development.

35


We are a party to various legal proceedings that arise in the ordinary course of our business.  We are not currently involved in any litigation, nor to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations.  However, no assurances can be given as to the outcome of any threatened or pending legal proceedings.

Item 4. Mine Safety Disclosures

N/A

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Since November 13, 2018, our common stock has traded on the NASDAQ Global Select Market under the symbol “REG.” Before November 13, 2018, our common stock traded on the NYSE, also under the symbol “REG.”

As of February 5, 2021, there were 46,958 holders of common equity.

We intend to pay regular quarterly distributions to Regency Centers Corporation's common stockholders. Future distributions will be declared and paid at the discretion of our Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Directors deems relevant. In order to maintain Regency Centers Corporation’s qualification as a REIT for federal income tax purposes, we are generally required to make annual distributions at least equal to 90% of our real estate investment trust taxable income for the taxable year. Under certain circumstances we could be required to make distributions in excess of cash available for distributions in order to meet such requirements.   We have a dividend reinvestment plan under which shareholders may elect to reinvest their dividends automatically in common stock. Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such stockholders.

Under the revolving credit agreement of our line of credit, in the event of any monetary default, we may not make distributions to stockholders except to the extent necessary to maintain our REIT status.

There were no unregistered sales of equity securities during the quarter ended December 31, 2020.

The following table represents information with respect to purchases by the Parent Company of its common stock by months during the three month period ended December 31, 2020:

Period

Total number of

shares

purchased (1)

Total number of shares

purchased as part of

publicly announced plans

or programs (2)

Average price

paid per share

Maximum number or approximate

dollar value of shares that may yet be

purchased under the plans or

programs (2)

October 1, 2020, through October 31, 2020

$

$

250,000,000

November 1, 2020, through November 30, 2020

$

$

250,000,000

December 1, 2020, through December 31, 2020

$

$

250,000,000

(1)

Represents shares repurchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.

(2)

On February 4, 2020, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of its outstanding common stock through open market purchases and/or in privately negotiated transactions.  Any shares purchased will be retired. This previously authorized program expired on February 5, 2021 and no shares were repurchased under this share repurchase program.  On February 3, 2021, the Company’s Board of Directors authorized a new common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of its outstanding common stock through open market purchases and/or in privately negotiated transactions.  Any shares purchased will be retired.  This new authorization will expire February 3, 2023, unless earlier terminated by the Board of Directors.

36


The performance grap h furnished below shows Regency’ s cumulative total stockholder return to th e S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Cente rs index since December 31, 2015 . The stock performance graph should not be deemed filed or incorporated by reference into any other filing made by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that we specifically incorporate the stock performance graph by reference in another filing.

12/31/15

12/31/16

12/31/17

12/31/18

12/31/19

12/31/20

Regency Centers Corporation

$

100.00

103.97

107.70

94.76

105.58

80.33

S&P 500

100.00

111.96

136.40

130.42

171.49

203.04

FTSE NAREIT Equity REITs

100.00

108.52

114.19

108.91

137.23

126.25

FTSE NAREIT Equity Shopping Centers

100.00

103.68

91.90

78.53

98.18

71.04

37


Item 6. Selected Financial Data

The following table sets forth Selected Financial Data for the Company on a historical basis for the five years ended December 31, 2020 (in thousands, except per share and unit data, number of properties, and ratio of earnings to fixed charges).  This historical Selected Financial Data has been derived from the audited consolidated financial statements.  This information should be read in conjunction with the consolidated financial statements of Regency Centers Corporation and Regency Centers, L.P. (including the related notes thereto) and Management's Discussion and Analysis of the Financial Condition and Results of Operations, each included elsewhere in this Form 10-K.

Parent Company

2020 (1)

2019

2018

2017 (2)

2016

Operating data:

Revenues

$

1,016,175

1,133,138

1,120,975

984,326

614,371

Operating expenses

746,620

763,226

740,806

744,763

403,152

Total other expense (income)

256,407

187,610

170,818

113,661

100,745

Income from operations before equity in income of investments in real estate partnerships and income taxes

13,148

182,302

209,351

125,902

110,474

Equity in income of investments in real estate partnerships

34,169

60,956

42,974

43,341

56,518

Deferred income tax benefit of taxable REIT subsidiary

(9,737

)

Net income

47,317

243,258

252,325

178,980

166,992

Income attributable to noncontrolling interests

(2,428

)

(3,828

)

(3,198

)

(2,903

)

(2,070

)

Net income attributable to the Company

44,889

239,430

249,127

176,077

164,922

Preferred stock dividends and issuance costs

(16,128

)

(21,062

)

Net income attributable to common stockholders

$

44,889

239,430

249,127

159,949

143,860

Income per common share - diluted

$

0.26

1.43

1.46

1.00

1.42

Nareit FFO (3)

501,984

654,362

652,857

494,843

277,301

Other information:

Net cash provided by operating activities

$

499,118

621,271

610,327

469,784

297,177

Net cash used in investing activities

(25,641

)

(282,693

)

(106,024

)

(1,007,230

)

(408,632

)

Net cash (used in) provided by financing activities

(210,589

)

(268,206

)

(508,494

)

568,948

88,711

Cash dividends paid to common stockholders and unit holders

301,903

391,649

376,755

323,285

201,336

Common dividends declared per share

2.34

2.34

2.22

2.10

2.00

Common stock outstanding including exchangeable operating partnership units

170,445

168,318

168,254

171,715

104,651

Balance sheet data:

Real estate investments before accumulated depreciation (4)

$

11,569,013

11,564,816

11,326,163

11,279,125

5,230,198

Total assets

10,936,904

11,132,253

10,944,663

11,145,717

4,488,906

Total debt

3,923,084

3,919,544

3,715,212

3,594,977

1,642,420

Total liabilities

4,878,757

4,842,292

4,494,495

4,412,663

1,864,404

Total stockholders’ equity

5,984,912

6,213,348

6,397,970

6,692,052

2,591,301

Total noncontrolling interests

73,235

76,613

52,198

41,002

33,201

(1)

2020 Operating data includes the impact of the pandemic, including $117.0 million of higher uncollectible Lease income, which reduced Revenues and Net cash provided by operating activities, and a $132.1 million Goodwill impairment charge included in Other expense (income), as discussed further in Results from Operations.

(2 )

2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses.

(3 )

See Item 1, Defined Terms , for the definition of Nareit FFO and Item 7, Supplemental Earnings Information , for a reconciliation to the nearest GAAP measure.  Effective January 1, 2019, we prospectively adopted the Nareit FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to our main business.  Prior period amounts were not restated to conform to the current year presentation.

( 4 )

Includes our Investments in real estate partnerships.

38


Operating Partnership

2020 (1)

2019

2018

2017 (2)

2016

Operating data:

Revenues

$

1,016,175

1,133,138

1,120,975

984,326

614,371

Operating expenses

746,620

763,226

740,806

744,763

403,152

Total other expense (income)

256,407

187,610

170,818

113,661

100,745

Income from operations before equity in income of investments in real estate partnerships and income taxes

13,148

182,302

209,351

125,902

110,474

Equity in income of investments in real estate partnerships

34,169

60,956

42,974

43,341

56,518

Deferred income tax (benefit) of taxable REIT subsidiary

(9,737

)

Net income

47,317

243,258

252,325

178,980

166,992

Income attributable to noncontrolling interests

(2,225

)

(3,194

)

(2,673

)

(2,515

)

(1,813

)

Net income attributable to the Partnership

45,092

240,064

249,652

176,465

165,179

Preferred unit distributions and issuance costs

(16,128

)

(21,062

)

Net income attributable to common unit holders

$

45,092

240,064

249,652

160,337

144,117

Income per common unit - diluted:

$

0.26

1.43

1.46

1.00

1.42

Nareit FFO (3)

501,984

654,362

652,857

494,843

277,301

Other information:

Net cash provided by operating activities

$

499,118

621,271

610,327

469,784

297,177

Net cash used in investing activities

(25,641

)

(282,693

)

(106,024

)

(1,007,230

)

(408,632

)

Net cash (used in) provided by financing activities

(210,589

)

(268,206

)

(508,494

)

568,948

88,711

Distributions paid on common and limited partnership units

301,903

391,649

376,755

323,285

201,336

Balance sheet data:

Real estate investments before accumulated depreciation (4)

$

11,569,013

11,564,816

11,326,163

11,279,125

5,230,198

Total assets

10,936,904

11,132,253

10,944,663

11,145,717

4,488,906

Total debt

3,923,084

3,919,544

3,715,212

3,594,977

1,642,420

Total liabilities

4,878,757

4,842,292

4,494,495

4,412,663

1,864,404

Total partners’ capital

6,020,639

6,249,448

6,408,636

6,702,959

2,589,334

Total noncontrolling interests

37,508

40,513

41,532

30,095

35,168

(1)

2020 Operating data includes the impact of the pandemic, including $117.0 million of higher uncollectible Lease income, which reduced Revenues and Net cash provided by operating activities, and a $132.1 million Goodwill impairment charge included in Other expense (income), as discussed further in Results from Operations.

( 2 )

2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses.

(3 )

See Item 1, Defined Terms , for the definition of Nareit FFO and Item 7, Supplemental Earnings Information , for a reconciliation to the nearest GAAP measure.  Effective January 1, 2019, we prospectively adopted the Nareit FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to our main business.  Prior period amounts were not restated to conform to the current year presentation.

( 4 )

Includes our Investments in real estate partnerships.

39


Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

COVID-19 Pandemic

For a discussion of the COVID-19 pandemic, refer to Part I Item 1. Business.

Executing on our Strategy

During the year ended December 31, 2020, we had Net income attributable to common stockholders of $44.9 million, which includes the impacts of a $132.1 million Goodwill impairment charge and $117.0 million of uncollectible Lease income, as compared to Net income attributable to common stockholders of $239.4 million during the year ended December 31, 2019.

During the year ended December 31, 2020:

Our Pro-rata same property NOI, excluding termination fees, declined 11.6%, primarily attributable to uncollectible Lease income; however, as of February 8, 2021, we experienced sequential improvement in our Pro-rata base collection rates billed by quarter as follows:

Q2

Q3

Q4

Base Rent Collections

79%

89%

92%

We executed 1,511 new and renewal leasing transactions representing 5.8 million Pro-rata SF with positive trailing twelve month rent spreads of 2.2%, as compared to 1,702 leasing transactions representing 6.1 million Pro-rata SF with positive trailing twelve month rent spreads of 8.5% in the prior year.  Rent spreads are on comparable retail operating property spaces in each period.

At December 31, 2020, our total property portfolio was 92.3% leased while our same property portfolio was 92.9% leased, as compared to 94.8% leased and 95.1% leased, respectively, at December 31, 2019.  Primarily as a result from the impacts of the pandemic, our percent leased declined during 2020 due to tenant closures and bankruptcies, combined with declines in new leasing activity.

We continued our development and redevelopment of high quality shopping centers in a targeted manner amidst the pandemic, although many in process projects have stopped or slowed while we evaluate current market conditions and assess the feasibility of these projects.  As of December 31, 2020, we have a total of 14 properties in process of development or redevelopment with total estimated Pro-rata project costs of $319.3 million as compared to 22 properties and $350.8 million at December 31, 2019.

We maintained a conservative balance sheet providing liquidity and financial flexibility to respond to these uncertain economic times and to cost effectively fund investment commitments, opportunities, and debt maturities:

During March of 2020, we settled forward sales agreements under our ATM program that we entered into during 2019 by delivering 1,894,845 shares of common stock and receiving $125.8 million in net proceeds.  We used these proceeds for working capital and general corporate purposes.  Under our current ATM equity offering program, we may sell up to $500 million of common stock at prices determined by the market at the time of sale.

On May 11, 2020, we issued $600 million of 10 year senior unsecured public notes at 3.7%, which priced at 99.805%.  The proceeds of the offering were used to increase liquidity, including redeeming other outstanding public notes, repaying the outstanding balance on our Line, and for general working capital purposes.

On September 2, 2020, we redeemed the entire $300 million outstanding of 3.75% Notes due 2022 for a redemption price of $325.1 million, including accrued and unpaid interest through the redemption date and a make-whole amount.

As of December 31, 2020, we have a borrowing capacity of $1.2 billion on our Line of Credit (“Line”).

At December 31, 2020, our Pro-rata net debt-to-operating EBITDA re ratio on a trailing twelve month basis was 6.0x as compared to 5.4x at December 31, 2019.

Subsequent to December 31, 2020, we repaid our $265 million Term Loan, leaving us with no unsecured debt maturities until 2024.

Subsequent to December 31, 2020, we extended our Line maturity date to March 2025, retaining the same $1.25 billion borrowing commitment.

40


Leasing Activity and Significant Tenants

We believe our high-quality, grocery anchored shopping centers located in densely populated, desirable infill trade areas create attractive spaces for retail and service providers to operate their businesses.

Pro-rata Percent Leased

The following table summarizes Pro-rata percent leased of our combined Consolidated and Unconsolidated shopping center portfolio:

December 31, 2020

December 31, 2019

Percent Leased – All properties

92.3

%

94.8

%

Anchor space

95.1

%

97.3

%

Shop space

87.5

%

90.6

%

Our percent leased in both the Anchor and Shop space categories declined during 2020 due to tenant closures and bankruptcies primarily as a result from the impacts of the pandemic.  Additionally, a number of tenants at our properties were either required or elected to temporarily close due to the pandemic.  Some of these tenants may be unable to sustain their business models in this current pandemic environment and may fail.  While the pandemic continues, we may be unable to find suitable replacement tenants for an extended period of time and the terms of the leases with replacement tenants may be less favorable to us. As such, our percent leased could decline further in future periods, resulting in reduced Lease income from both lower base rent and recoveries from tenants for CAM, real estate taxes, and insurance costs at our centers.

Pro-rata Leasing Activity

The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our co-investment partnerships:

Year Ended December 31, 2020

Leasing

Transactions

SF

(in thousands)

Base

Rent PSF

Tenant

Allowance

and Landlord

Work PSF

Leasing

Commissions

PSF

Anchor Space Leases

New

19

442

$

14.69

$

28.45

$

4.67

Renewal

107

2,854

13.77

0.38

0.25

Total Anchor Leases

126

3,296

$

13.89

$

4.14

$

0.84

Shop Space Leases

New

369

608

$

34.61

$

30.68

$

9.30

Renewal

1,016

1,866

32.30

1.58

0.54

Total Shop Space Leases

1,385

2,474

$

32.87

$

8.74

$

2.69

Total Leases

1,511

5,770

$

22.03

$

6.11

$

1.63

Year Ended December 31, 2019

Leasing

Transactions

SF

(in thousands)

Base

Rent PSF

Tenant

Allowance

and Landlord

Work PSF

Leasing

Commissions

PSF

Anchor Space Leases

New

32

633

$

20.78

$

48.64

$

4.88

Renewal

107

2,756

13.89

0.60

0.13

Total Anchor Leases

139

3,389

$

15.18

$

9.57

$

1.02

Shop Space Leases

New

506

921

$

33.60

$

29.75

$

9.67

Renewal

1,057

1,819

33.59

1.04

0.61

Total Shop Space Leases

1,563

2,740

$

33.59

$

10.69

$

3.65

Total Leases

1,702

6,129

$

23.41

$

10.07

$

2.20

New leasing activity has declined as many businesses delay executing leases amidst the immediate and uncertain future economic impacts from the pandemic; however, renewal leasing activity has remained consistent with 2019 levels.  New and renewal rent spreads, as compared to prior rents on these same spaces leased, remained positive at 2.2% for the twelve months ended December 31, 2020, although the spreads tightened throughout the year as compared to 5.7% for the twelve months ended December 31, 2019.  With

41


the average annual base rent of all shop space leases due to expire during the next 12 months of $33.37 PSF, there is a possibility of negative rent spreads occurring as we execute new or renewal lease deals, considering the t otal weighted average base rent on signed shop space leases during 2020 was lower at $32.87 PSF .

Significant Tenants and Concentrations of Risk

We seek to reduce our operating and leasing risks through geographic diversification and by avoiding dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which the top four are grocers:

December 31, 2020

Anchor

Number of

Stores

Percentage of

Company-

owned GLA (1)

Percentage of

Annualized

Base Rent (1)

Publix

69

6.7

%

3.5

%

Kroger Co.

54

6.6

%

3.1

%

Albertsons Companies, Inc.

45

4.2

%

2.9

%

Amazon/Whole Foods

35

2.6

%

2.6

%

TJX Companies, Inc.

62

3.2

%

2.5

%

(1)

Includes Regency's Pro-rata share of Unconsolidated Properties and excludes those owned by anchors.

Bankruptcies and Credit Concerns

The impact of bankruptcies may increase significantly if tenants occupying our centers are unable to withstand and recover from the disruptions caused by the pandemic, which could materially adversely impact our Lease income.  Since the pandemic began, we have seen an increase in the number of tenants filing for bankruptcy.  Due to the pandemic there has been and continues to be a greater focus on whether tenants’ businesses are considered essential or non-essential, which may directly impact the tenants’ ability to operate and generate sufficient cash flows to meet their operating expenses, including lease payments.  Continued higher unemployment levels could also negatively impact consumer spending and, along with large-scale business failures, have an adverse effect on our results from operations.  We seek to mitigate these potential impacts through tenant diversification, replacing weaker tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and maintaining a presence in affluent suburbs and dense infill trade areas.  As of December 31, 2020, approximately 63% of Pro-rata average base rent in our portfolio is derived from tenants’ businesses classified as essential.

Since the pandemic began, the Company has been closely monitoring its cash collections which significantly declined from historic levels in the initial months of the pandemic, most notably from tenants whose businesses are classified as non-essential.  The pandemic has continued to result in certain tenants requesting concessions from rent obligations, including deferrals, abatements and requests to negotiate future rents, while some tenants have been unable to reopen or have not honored the terms of their existing lease agreements.  The Company has entered into approximately 1,600 agreements, representing $40.8 million of Pro-rata base rent or 4.6% of our total annual base rent, with tenants within our consolidated real estate portfolio and our unconsolidated real estate investment partnerships, enabling them to defer a portion of their rental payments and repay them over future periods.  The Company expects to continue to work with other tenants, which may result in further rent concessions or legal actions as determined to be necessary and appropriate.  Due to the uncertainty surrounding the pandemic, there can be no assurances that all such deferred rent will ultimately be collected, or collected within the timeframes agreed upon.

We closely monitor the operating performance of tenants in our shopping centers as well as those experiencing significant changes to their business models, as can be seen through reduced customer traffic in their stores.  Operators / tenants who are unable to withstand these and other business pressures, such as significant cash flow declines or debt maturities, may file for bankruptcy.  As a result of our research and findings, we may reduce new leasing, suspend leasing, or curtail allowances for construction of leasehold improvements within certain retail categories or to a specific tenant in order to reduce our risk of loss from bankruptcies and store closings.

Although base rent is supported by long-term lease contracts, tenants who file bankruptcy generally have the legal right to reject any or all of their leases and close related stores.  Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims.  As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold.  Additionally, we may incur significant expense to adjudicate our claim and to release the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files bankruptcy and cancels its leases, we could experience a significant reduction in our revenues.  As of December 31, 2020, tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.4% of our annual base rent on a Pro-rata basis.  We anticipate fewer tenant bankruptcies in 2021, but it is possible they could increase depending on the length and severity of the pandemic.

42


Results from Operations

Comparison of the years ended December 31, 2020 and 2019 :

Our revenues changed as summarized in the following table:

(in thousands)

2020

2019

Change

Lease income

$

980,166

1,094,301

(114,135

)

Other property income

9,508

9,201

307

Management, transaction, and other fees

26,501

29,636

(3,135

)

Total revenues

$

1,016,175

1,133,138

(116,963

)

Lease income decreased $114.1 million, driven by the following contractually billable components of rent to the tenants per the lease agreements:

$105.1 million decrease from recognizing additional Uncollectible lease income, consisting of $28.1 million increase in uncollectible Straight-line rent receivables and $77.0 million increase in uncollectible billable tenant receivables.  The pandemic has been most impactful to those tenants considered non-essential by governmental authorities. The current economic environment has resulted in changes in our expectations of collecting certain tenant receivables and their related future contracted rent increases previously recognized through straight-line rent. Approximately 92% of Pro-rata base rent billed for the three months ended December 31, 2020, has been collected as of February 8, 2021.

$5.7 million decrease from billable Base rent, as follows:

$1.6 million increase from rent commencing at development properties; and

$6.2 million net increase primarily from acquisitions of operating properties; reduced by

$2.0 million net decrease from same properties due to the loss of rents from tenant move-outs and bankruptcies and rental rate declines, offset by increases from contracted rent increases in existing leases; and

$11.5 million decrease from the sale of operating properties.

$3.2 million decrease in Above and below market rent primarily from the sale of operating properties.

$1.6 million increase in Other lease income from higher lease termination fees.

$1.4 million decrease in Percentage rent due to lower sales in this pandemic environment by certain tenants.

$361,000 remaining net decrease driven primarily by a reduction in straight-line rent.

Management, transaction and other fees decreased $3.1 million primarily from decreases in development, construction management, and property management fees from projects within our unconsolidated partnerships.  Two development projects within our unconsolidated partnerships completed during 2019, resulting in reduced development fees in 2020.  Additionally, decreases in property rent collections during this pandemic have negatively impacted our property management income earned from our unconsolidated partnerships.

Changes in our operating expenses are summarized in the following table:

(in thousands)

2020

2019

Change

Depreciation and amortization

$

345,900

374,283

(28,383

)

Operating and maintenance

170,073

169,909

164

General and administrative

75,001

74,984

17

Real estate taxes

143,004

136,236

6,768

Other operating expenses

12,642

7,814

4,828

Total operating expenses

$

746,620

763,226

(16,606

)

Depreciation and amortization costs changed as follows:

$2.0 million increase as we began depreciating costs at development properties where tenant spaces were completed and became available for occupancy; and

43


$ 1.9 million in crease from acquisitions of operating properties and corporate assets; reduced by

$26.9 million net decrease at same properties, primarily attributable to additional 2019 depreciation and amortization due to both redevelopment properties and early tenant move-outs; and

$5.4 million decrease from the sale of operating properties.

Operating and maintenance costs remained steady even with increases in property insurance premiums as those increases were offset by decreases in common area maintenance costs during the pandemic and a decrease in lease termination expense.

General and administrative expenses remained constant although there was a $10.2 million increase from less development overhead capitalized as many development and redevelopment projects were delayed due to the pandemic, offset by $8.2 million decrease in incentive compensation costs, and $2.3 million decrease in other expenses related to lower travel and conference costs amidst the pandemic.

Real estate taxes changed as follows:

$1.7 million increase from development properties where capitalization ceased as tenant spaces became available for occupancy; and

$1.1 million increase from acquisitions of operating properties; and

$5.7 million increase within the same property portfolio from changes in assessed property values; reduced by

$1.7 million decrease from the sale of operating properties.

Other operating expenses increased $4.8 million primarily attributable to a $7.9 million increase in development pursuit costs charged to expense for abandoned projects, offset by a $2.9 million decrease in state and franchise taxes.

The following table presents the components of other expense (income):

(in thousands)

2020

2019

Change

Interest expense, net

Interest on notes payable

$

148,371

131,357

17,014

Interest on unsecured credit facilities

9,933

17,604

(7,671

)

Capitalized interest

(4,355

)

(4,192

)

(163

)

Hedge expense

4,329

7,564

(3,235

)

Interest income

(1,600

)

(1,069

)

(531

)

Interest expense, net

156,678

151,264

5,414

Goodwill impairment

132,128

132,128

Provision for impairment of real estate, net of tax

18,536

54,174

(35,638

)

Gain on sale of real estate, net of tax

(67,465

)

(24,242

)

(43,223

)

Early extinguishment of debt

21,837

11,982

9,855

Net investment (income) loss

(5,307

)

(5,568

)

261

Total other expense (income)

$

256,407

187,610

68,797

The $5.4 million net increase in total interest expense is primarily due to:

$17.0 million net increase in Interest on notes payable, primarily related to the timing of issuing new unsecured notes of $600 million during 2020, whereby we held the proceeds in cash on our balance sheet as liquidity reserves related to the pandemic until we redeemed $300 million of unsecured debt in September 2020 and $265 million of Term Loan debt in January 2021; partially offset by

$7.7 million decrease in Interest on unsecured credit facilities resulting from the repayment of a term loan using proceeds from a senior unsecured note issuance; and

$3.2 million decrease in Hedge expense resulting from the maturity of a forward swap hedging ten-year senior unsecured notes.

44


During the year ended December 31, 2020 , we recognized $132.1 million of Goodwill impairment, due to the significant market and economic impacts of the pandemic .  The market disruptions triggered evaluation of reporting unit fair values for goodwill impairment.  Of our 269 reporting units with goodwill, 87 reporting units were determined to have fair values lower than carrying value.  As such, goodwill impairment losses were recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to that reporting unit.

The $35.6 million decrease in Provision for impairment of real estate is due to:

During 2019, we recognized $54.2 million of impairment losses, including $40.3 million for one operating property, classified as held and used, which was further impaired in 2020 as noted below.

During 2020, we recognized $18.5 million of impairment losses resulting from impairment of two operating properties and the sale of one land parcel.  This includes an additional $17.5 million impairment of a single tenant property located in the Manhattan market of New York City that was previously impaired during 2019 as a result of its retail tenant declaring bankruptcy.  As the pandemic continues to impact the leasing market, limiting visibility for replacement prospects for this property, our hold period probabilities have shifted triggering further evaluation of the current fair value resulting in the additional impairment charge in 2020.

During 2020, we recognized gains of $67.5 million from the sale of ten land parcels, five operating properties, receipt of property insurance proceeds, and the re-measurement gain from the acquisition of controlling interest in a previously held equity investment.  During 2019, we sold five operating properties and six land parcels for gains totaling $24.2 million.

During 2020, we incurred $21.8 million of debt extinguishment costs of which $19.4 million related to the early redemption of our unsecured notes due to mature in 2022 and a $2.4 million charge for termination of an interest rate swap on our term loan that was repaid in January 2021.  During 2019, we redeemed unsecured notes and repaid one mortgage, all prior to original maturity, resulting in $12 million of debt extinguishment costs.

Our equity in income (losses) of investments in real estate partnerships changed as follows:

(in thousands)

Regency's

Ownership

2020

2019

Change

GRI - Regency, LLC (GRIR)

40.00%

$

25,425

$

43,536

(18,111

)

Equity One JV Portfolio LLC (NYC)

30.00%

488

(9,967

)

10,455

Columbia Regency Retail Partners, LLC (Columbia I)

20.00%

1,030

1,626

(596

)

Columbia Regency Partners II, LLC (Columbia II)

20.00%

1,045

1,748

(703

)

Cameron Village, LLC (Cameron)

30.00%

757

1,062

(305

)

RegCal, LLC (RegCal)

25.00%

1,296

3,796

(2,500

)

US Regency Retail I, LLC (USAA)

20.01%

790

1,028

(238

)

Other investments in real estate partnerships (1)

35.00% - 50.00%

3,338

18,127

(14,789

)

Total equity in income of investments in real estate partnerships

$

34,169

$

60,956

(26,787

)

(1)

Includes our investment in the Town and Country shopping center, which we owned 18.38% during 2019.  In January 2020, we purchased an additional 16.62%, bringing our total ownership interest to 35%.

The $26.8 million decrease in total Equity in income in investments in real estate partnerships is attributed to:

$18.1 million decrease within GRIR primarily due to the following:

o

$9.9 million decrease from higher uncollectible lease income attributable to the impact of the pandemic on tenants; and

o

$9.4 million decrease driven by gains recognized during 2019 on the sale of operating real estate; reduced by

o

$1.6 million increase from additional termination fee income in 2020.

$10.5 million increase within NYC primarily due to the $10.9 million provision for impairment of real estate recognized in 2019;  offset by

$2.5 million decrease within RegCal primarily due to a $2.5 million gain recognized during 2019 on the sale of an operating property within the partnership;

45


$14.8 million decrease within Other investments in real estate partnerships primarily due to a $15.0 million gain recognized during 2019 on the sale of a single operating property; and

All of our investments in real estate partnerships experienced higher amounts of uncollectible lease income, negatively impacting our equity in income.

The following represents the remaining components that comprise net income attributable to the common stockholders and unit holders:

(in thousands)

2020

2019

Change

Net income

$

47,317

243,258

(195,941

)

Income attributable to noncontrolling interests

(2,428

)

(3,828

)

1,400

Net income attributable to common stockholders

$

44,889

239,430

(194,541

)

Net income attributable to exchangeable operating partnership units

203

634

(431

)

Net income attributable to common unit holders

$

45,092

240,064

(194,972

)

Comparison of the years ended December 31, 2019 and 2018:

For a comparison of our results from operations for the years ended December 31, 2019 and 2018, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 18, 2020.

Supplemental Earnings Information

We use certain non-GAAP performance measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of our operating results. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.  We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. See “Defined Terms” in Part I, Item 1.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating our financial condition, results of operations, or future prospects.

46


Pro-rata Same Property NOI:

Our Pro-rata same property NOI changed as follows:

(in thousands)

2020

2019

Change

Base rent (1)

$

830,516

833,749

(3,233

)

Recoveries from tenants (1)

265,616

266,792

(1,176

)

Percentage rent (1)

6,963

8,476

(1,513

)

Termination fees (1)

7,695

3,438

4,257

Uncollectible lease income

(84,073

)

(5,073

)

(79,000

)

Other lease income (1)

9,914

10,336

(422

)

Other property income

6,445

7,507

(1,062

)

Total real estate revenue

1,043,076

1,125,225

(82,149

)

Operating and maintenance

168,039

167,190

849

Termination expense

25

520

(495

)

Real estate taxes

151,615

145,839

5,776

Ground rent

10,307

10,610

(303

)

Total real estate operating expenses

329,986

324,159

5,827

Pro-rata same property NOI

$

713,090

801,066

(87,976

)

Less: Termination fees / expense

7,670

2,918

4,752

Pro-rata same property NOI, excluding termination fees / expense

$

705,420

798,148

(92,728

)

Pro-rata same property NOI growth, excluding termination fees / expense

(11.6

)%

(1)

Represents amounts included within Lease income, in the accompanying Consolidated Statements of Operations and further discussed in Note 1, that are contractually billable to the tenant per the terms of the lease agreements.

Billable Base rent decreased $3.2 million due to loss of rents from bankruptcies and other tenant move-outs which were partially offset by contractual rent increases.

Recoveries from tenants decreased $1.2 million largely due to declines in percent leased stemming from bankruptcies and other tenant move-outs.

Percentage rent decreased $1.5 million principally due to lower tenant sales which were impacted by lockdowns during the pandemic which affected customer traffic and tenant sales.

Termination fees increased $4.3 million primarily due to strategic changes in merchandising mix and negotiated terminations for tenant failures related to COVID-19.

Uncollectible lease income increased $79.0 million due to changes in collection expectations of our lease income caused by the impact of the pandemic on our tenants.

Other property income decreased $1.1 million primarily due to reduced demand for paid parking during the pandemic.

Real estate taxes increased $5.8 million due to changes in assessed values at properties across our portfolio.

Same Property Rollforward:

Our same property pool includes the following property count, Pro-rata GLA, and changes therein:

2020

2019

(GLA in thousands)

Property

Count

GLA

Property

Count

GLA

Beginning same property count

396

40,525

399

40,866

Acquired properties owned for entirety of comparable periods

5

315

6

415

Developments that reached completion by beginning of earliest comparable period presented

3

553

3

358

Disposed properties

(8

)

(677

)

(11

)

(1,204

)

SF adjustments (1)

(43

)

194

Properties under or being repositioned for redevelopment

(3

)

(445

)

(1

)

(104

)

Ending same property count

393

40,228

396

40,525

(1)

SF adjustments arise from remeasurements or redevelopments.

47


N areit FFO:

Our reconciliation of net income attributable to common stock and unit holders to Nareit FFO is as follows:

(in thousands, except share information)

2020

2019

Reconciliation of Net income to Nareit FFO

Net income attributable to common stockholders

$

44,889

239,430

Adjustments to reconcile to Nareit FFO: (1)

Depreciation and amortization (excluding FF&E)

375,865

402,888

Goodwill impairment

132,128

Provision for impairment of real estate

18,778

65,074

Gain on sale of real estate, net of tax

(69,879

)

(53,664

)

Exchangeable operating partnership units

203

634

Nareit FFO attributable to common stock and unit holders

$

501,984

654,362

(1)

Includes Regency's Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests.

Reconciliation of Same Property NOI to Nearest GAAP Measure:

Our reconciliation of Net income attributable to common stockholders to Same Property NOI, on a Pro-rata basis, is as follows:

(in thousands)

2020

2019

Net income attributable to common stockholders

$

44,889

239,430

Less:

Management, transaction, and other fees

26,501

29,636

Other (1)

25,912

58,904

Plus:

Depreciation and amortization

345,900

374,283

General and administrative

75,001

74,984

Other operating expense

12,642

7,814

Other expense (income)

256,407

187,610

Equity in income of investments in real estate excluded from NOI (2)

59,726

39,807

Net income attributable to noncontrolling interests

2,428

3,828

Pro-rata NOI

744,580

839,216

Less non-same property NOI (3)

(31,490

)

(38,150

)

Pro-rata same property NOI

$

713,090

$

801,066

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interest.

( 2 )

Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties.

(3 )

Includes revenues and expenses attributable to non-same properties, sold properties, development properties, and corporate activities.

Liquidity and Capital Resources

General

We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility. We continuously monitor the capital markets and evaluate our ability to issue new debt or equity, to repay maturing debt, or fund our capital commitments.

Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership. All remaining debt is held by our Operating Partnership or by our co-investment partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity and will simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units.

As the pandemic and its related impacts continue to evolve, we have taken the following steps to ensure sufficient liquidity and financial flexibility:

48


We settled our forward equity agreements under our previous ATM program and received proceeds of approximately $125.8 million in March 2020 .

We renewed our ATM equity offering program in May 2020 which provides for the sale of $500 million of common stock.  As of December 31, 2020, all $500 million of common stock remained available for issuance.

We issued $600 million of new 10-year senior unsecured public notes in May 2020 and received proceeds of $598.8 million.  Portions of the proceeds were used to repay the outstanding balance on our Line and to redeem in September 2020 our $300 million 3.75% unsecured Notes due 2022.

In January 2021, we repaid our $265 million Term Loan, resulting in no unsecured notes maturing until 2024.

We have a borrowing capacity on our Line of $1.2 billion, which in February 2021 was amended to extend the maturity to March 23, 2025 with the option to extend the maturity for two additional six-month periods.  Our existing financial covenants under the Line remained unchanged.  We also had $376.1 million of unrestricted cash available to us as of December 31, 2020, of which $265 million was used to repay the Term Loan in January 2021.

We also continue to closely monitor and assess the capital requirements of all in process and planned developments, redevelopments, and capital expenditures, which has resulted in our delaying, phasing or curtailing certain in-process and planned development, redevelopment and capital expenditure projects.  We have no unsecured debt maturities until 2024 and a manageable level of secured mortgage maturities during 2021, including those mortgages within our joint ventures.

We continually evaluate alternative financing options, and we believe we can obtain financing on reasonable terms; however, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to us. Based upon our available cash balance, sources of capital, our current credit ratings, the number of high quality, unencumbered properties we own, and our decisions to delay, phase or curtail projects, we believe our available capital resources are sufficient to meet our expected capital needs for at least the next 12 months.

In addition to our unrestricted cash at December 31, 2020, we have the following additional sources of capital available:

(in thousands)

December 31, 2020

ATM equity program (see note 12 to our Consolidated Financial Statements)

Original offering amount

$

500,000

Available capacity

$

500,000

Line of Credit (see note 9 to our Consolidated Financial Statements)

Total commitment amount

$

1,250,000

Available capacity (1)

$

1,240,342

Maturity (2)

March 23, 2025

( 1 )

Net of letters of credit.

(2 )

In February 2021, the Company amended its Line agreement, which was due to mature in March 2022, to, among other items, extend the maturity date to March 23, 2025 with the option to extend the maturity for two additional six-month periods while retaining the same $1.25 billion borrowing capacity.

The declaration of dividends is determined quarterly by our Board of Directors. On February 10, 2021, our Board of Directors declared a common stock dividend of $0.595 per share, payable on April 6, 2021, to shareholders of record as of March 15, 2021.  While future dividends will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.

We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the years ended December 31, 2020 and 2019, we generated cash flow from operations of $499.1 million and $621.3 million, respectively, and paid $403.3 million and $391.6 million in dividends to our common stock and unit holders, respectively, including the payment of the dividend we declared on December 15, 2020 and paid on January 5, 2021 of $101.4 million.  We are closely monitoring our cash collections from our tenants which significantly declined from historic levels at the start of the pandemic and resulting restrictions.  As of February 8, 2021, we experienced sequential improvement in our collection rates of Pro-rata base rent billed by quarter in 2020 as follows:

Q2

Q3

Q4

Base Rent Collections

79%

89%

92%

Based upon our collection experience since the pandemic began, we expect our collection rates will continue to trend lower than historical pre-pandemic averages for the foreseeable future until the vaccines are fully deployed, restrictions are lifted, and the percent

49


leased in our shopping centers increases . If our cash flow from operations is insufficient to fund our current dividend level, a reduction in our cash dividend may be necessary or dividends could be paid in Regency stock, in order to remain in compliance with minimum REIT distributions.

We currently have 14 development and redevelopment projects in various stages of construction, along with a pipeline of potential projects for future development or redevelopment.  As the effects of the pandemic remain uncertain, we continue to evaluate the pandemic’s impacts on the feasibility of our pipeline projects and non-essential capital expenditures, including project scope, investment, tenant use, timing and return on investment.

After repaying our $265 million Term Loan and funding our dividend payment in January 2021 with cash on hand, we estimate that we will require capital during the next twelve months of approximately $353.6 million to repay maturing debt, to fund construction and related costs for committed tenant improvements and in-process development and redevelopment, and to make capital contributions to our co-investment partnerships. If we start new developments or redevelopments, commit to new acquisitions, prepay debt prior to maturity, or repurchase shares of our common stock, our cash requirements will increase.  The combination of our $1.2 billion capacity available on our Line and no unsecured debt maturities until 2024 strengthens our financial position enabling us to fund our expected near-term operating and capital expenditures amid the uncertainty of operating cash flows during this pandemic and recovery period.  We expect to generate the necessary cash to fund our long-term capital needs from cash flow from operations, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, and when the capital markets are favorable, proceeds from the sale of equity or the issuance of new unsecured debt.

We endeavor to maintain a high percentage of unencumbered assets, as measured by 89.6% of our wholly-owned real estate assets being unencumbered at December 31, 2020. Such assets allow us to access the secured and unsecured debt markets and to maintain availability on the Line. Our trailing twelve month Fixed charge coverage ratio, including our Pro-rata share of our partnerships, was 3.6x and 4.3x for the periods ended December 31, 2020 and 2019, respectively, and our Pro-rata net debt-to-operating EBITDA re ratio on a trailing twelve month basis was 6.0x and 5.4x, respectively, for the same periods.  We expect that these ratios could worsen during 2021 as a result of potential further impacts from the ongoing pandemic.

Our Line, Term Loan, and unsecured debt require that we remain in compliance with various covenants, which are described in note 9 to the Consolidated Financial Statements. We are in compliance with these covenants at December 31, 2020, and expect to remain in compliance.

Summary of Cash Flow Activity

The following table summarizes net cash flows related to operating, investing, and financing activities of the Company:

(in thousands)

2020

2019

Change

Net cash provided by operating activities

$

499,118

621,271

(122,153

)

Net cash used in investing activities

(25,641

)

(282,693

)

257,052

Net cash used in financing activities

(210,589

)

(268,206

)

57,617

Net increase in cash, cash equivalents, and restricted cash

262,888

70,372

192,516

Total cash, cash equivalents, and restricted cash

$

378,450

$

115,562

262,888

Net cash provided by operating activities:

Net cash provided by operating activities decreased by $122.2 million due to:

$129.0 million decrease in cash flows from operating income, largely resulting from lower rent collections attributable to the impact of the pandemic on our tenants.  However, we continue to negotiate with some of our tenants on repayment periods and since the pandemic began, we have executed approximately 1,600 rent deferral agreements, representing $40.8 million of rent or 4.6% of annual base rent, within our consolidated and unconsolidated real estate portfolios.  The weighted average deferral period of these agreements is approximately 3.3 months, with repayment periods of approximately 9.7 months beginning in December 2020.  Due to the uncertainty surrounding the pandemic, there can be no assurances how much deferred rent will ultimately be paid, or paid within the timeframes negotiated and agreed upon.  The duration and severity of the pandemic will continue to impact our ability to generate cash flow from operations; offset by,

$6.9 million increase from cash paid in 2019 to settle treasury rate locks put in place to hedge changes in interest rates on our 30 year fixed rate debt offering and to settle an interest rate swap on the repayment of our $300 million term loan, both during 2019.

50


Net cash used in investing activities:

Net cash used in investing activities changed by $257.1 million as follows:

(in thousands)

2020

2019

Change

Cash flows from investing activities:

Acquisition of operating real estate

$

(16,867

)

(222,444

)

205,577

Advance deposits refunded (paid) on acquisition of operating real estate

100

(125

)

225

Real estate development and capital improvements

(180,804

)

(200,012

)

19,208

Proceeds from sale of real estate investments

189,444

137,572

51,872

Proceeds from property insurance casualty claims

7,957

9,350

(1,393

)

(Issuance) collection of notes receivable

(1,340

)

(547

)

(793

)

Investments in real estate partnerships

(51,440

)

(66,921

)

15,481

Return of capital from investments in real estate partnerships

32,125

63,693

(31,568

)

Dividends on investment securities

353

660

(307

)

Acquisition of investment securities

(25,155

)

(23,458

)

(1,697

)

Proceeds from sale of investment securities

19,986

19,539

447

Net cash used in investing activities

$

(25,641

)

(282,693

)

257,052

Significant investing activities included:

We acquired one operating property for $16.9 million during 2020 and four operating properties for $222.4 million during 2019.

We invested $19.2 million less in 2020 than 2019 on real estate development, redevelopment, and capital improvements, as further detailed in a table below.

We received proceeds of $189.4 million from the sale of 6 shopping centers and 11 land parcels in 2020, including proceeds from a short term note issued at closing and repaid during the same period, compared to $137.6 million for 7 shopping centers and 6 land parcels in 2019.

We received property insurance claim proceeds of $8.0 million during 2020 primarily related to a single property damaged by a tornado in 2020 and additional proceeds received on prior year fire and tornado claims.  We received proceeds of $9.4 million during 2019 attributable to a single property that was severely damaged by a tornado in that year.

We invested $51.4 million in our real estate partnerships during 2020, including:

o

$19.6 million to fund our share of development and redevelopment activities,

o

$16.0 million to fund our share of acquiring an additional equity interest in one partnership, and

o

$15.8 million to fund our share of debt refinancing activities.

During the same period in 2019, we invested $66.9 million in our real estate partnerships, including:

o

$44.3 million to fund our share of development and redevelopment activities,

o

$9.7 million to fund our share of acquiring an additional equity interest in one partnership,

o

$8.2 million to fund our share of acquiring land under one shopping center that was previously under a ground lease, and

o

$4.7 million to fund our share of repayments for maturing debt.

Return of capital from our investments in real estate partnerships includes sales or financing proceeds. The $32.1 million received in 2020 is driven by our share of proceeds from debt refinancing activities and the sale of two operating properties.  During the same period in 2019, we received $63.7 million from the sale of four operating properties and our share of proceeds from debt refinancing activities.

Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance company and our deferred compensation plan.

51


We plan to continue developing and redeveloping shopping centers for long-term investment , although in the midst of the pandemic we are re-evaluating the feasibility of all pipeline development and redevelopment projects . This evaluation may result in curtailment, delay or ph asing of some or all projects, as well as limiting capital expenditures not immediately necessary as the economic situation continues to unfold. During 2020 , we deployed capital of $180.8 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following:

(in thousands)

2020

2019

Change

Capital expenditures:

Land acquisitions for development / redevelopment

$

5,206

(5,206

)

Building and tenant improvements

46,902

62,012

(15,110

)

Redevelopment costs

98,177

70,854

27,323

Development costs

20,155

47,699

(27,544

)

Capitalized interest

3,762

2,870

892

Capitalized direct compensation

11,808

11,371

437

Real estate development and capital improvements

$

180,804

200,012

(19,208

)

During 2019, we acquired two land parcels for new development and redevelopment projects.  We had no such land parcel acquisitions during 2020.

Building and tenant improvements decreased $15.1 million during the year ended December 31, 2020, primarily related to the timing of capital projects and our active management of capital spend to preserve liquidity.

Redevelopment expenditures were higher during 2020 due to the timing, magnitude, and number of projects in process. Subject to capital availability, we intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovation, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan.  The timing and duration of these projects could also result in volatility in NOI.  See the tables below for more details about our redevelopment projects.

Development expenditures were lower in 2020 due to the progress towards completion of our development projects currently in process, coupled with delays in new development starts amidst the pandemic. At December 31, 2020 and 2019, we had three development projects that were either under construction or in lease up. See the tables below for more details about our development projects.

Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended. We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor opens for business.  If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages.

We have a staff of employees who directly support our development program, which includes redevelopment of our existing properties. Internal compensation costs directly attributable to these activities are capitalized as part of each project.  In light of the current economic environment, we expect that our development and redevelopment activity will be significantly lower than our recent historical averages.  As a result, we expect the amount of internal costs for development and redevelopment activities that may be capitalized could be significantly lower, reducing our financial results.

52


The following table summarizes our development projects in-process and completed :

(in thousands, except cost PSF)

December 31, 2020

Property Name

Market

Ownership

Start Date

Estimated Stabilization Year (1)

Estimated / Actual Net

Development

Costs (2) (3)

GLA (3)

Cost PSF

of GLA (2) (3)

% of Costs

Incurred

Developments In-Process

Carytown Exchange

Richmond, VA

64%

Q4-18

2023

$

19,595

46

$

426

65

%

East San Marco

Jacksonville, FL

100%

Q4-20

2024

19,519

59

331

23

%

Eastfield at Baybrook (Ph IA) (4)

Houston, TX

50%

Q4-20

2022

2,337

53

44

84

%

Developments Completed

The Village at Hunter's Lake

Tampa, FL

100%

Q4-18

2021

$

21,442

72

298

(1)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(2)

Includes leasing costs and is net of tenant reimbursements.

(3)

Estimated Net Development Costs and GLA reported based on Regency’s ownership interest in the partnership at completion.

( 4 )

Estimated Net Development Costs for Eastfield at Baybrook Phase 1A is limited to our ownership interest in the value of land and site improvements to deliver a parcel to a grocer, under a ground lease agreement, to construct their building and improvements.

The following table summarizes our redevelopment projects in-process and completed:

(in thousands, except cost PSF)

December 31, 2020

Property Name

Market

Ownership

Start Date

Estimated Stabilization Year (1)

Estimated Incremental Project Costs (2) (3)

GLA (3)

% of Costs

Incurred

Redevelopments In-Process

Bloomingdale Square

Tampa, FL

100%

Q3-18

2022

$

21,327

252

88

%

Market Common Clarendon

Metro, DC

100%

Q4-18

2024

57,691

130

54

%

Point 50

Metro, DC

100%

Q4-18

2023

17,664

48

84

%

The Abbot

Boston, MA

100%

Q2-19

2024

55,420

65

47

%

Sheridan Plaza

Hollywood, FL

100%

Q3-19

2022

12,115

506

50

%

West Bird Plaza

Miami, FL

100%

Q4-19

2022

10,338

99

50

%

Preston Oaks

Dallas, TX

100%

Q4-20

2023

22,327

103

24

%

Serramonte Center

San Francisco, CA

100%

Q4-20

2026

55,000 +/-

917

22

%

Various Properties

Various

40%-100%

Various

Various

26,010

1,555

36

%

Redevelopments Completed

Pablo Plaza Ph. II

Jacksonville, FL

100%

Q4-18

2022

$

14,627

Various Properties

Various

20%-100%

Various

Various

35,376

(1)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(2)

Includes leasing costs and is net of tenant reimbursements.

(3)

Estimated Net Development Costs and GLA reported based on Regency’s ownership interest in the partnership at completion.

53


Net cash used in financing activities:

Net cash flows used in financing activities changed during 2020, as follows:

(in thousands)

2020

2019

Change

Cash flows from financing activities:

Net proceeds from common stock issuances

$

125,608

125,608

Repurchase of common shares in conjunction with equity award plans

(5,512

)

(6,204

)

692

Common shares repurchased through share repurchase program

(32,778

)

32,778

Distributions to limited partners in consolidated partnerships, net

(2,770

)

(3,367

)

597

Dividend payments and operating partnership distributions

(301,903

)

(391,649

)

89,746

(Repayments of) proceeds from unsecured credit facilities, net

(220,000

)

75,000

(295,000

)

Proceeds from debt issuance

598,830

723,571

(124,741

)

Debt repayment, including early redemption costs

(400,048

)

(625,769

)

225,721

Payment of loan costs

(5,063

)

(7,019

)

1,956

Proceeds from sale of treasury stock, net

269

9

260

Net cash used in financing activities

$

(210,589

)

(268,206

)

57,617

Significant financing activities during the years ended December 31, 2020 and 2019 include the following:

We received proceeds of $125.6 million, net of costs, in 2020 upon settling our forward equity agreements under our ATM program entered into during 2019.

We repurchased for cash a portion of the common stock granted to employees for stock based compensation to satisfy employee tax withholding requirements, which totaled $5.5 million and $6.2 million during the years ended December 31, 2020 and 2019, respectively.

We paid $32.8 million during 2019 to repurchase 563,229 common shares through our share repurchase program that were executed in December 2018 but not settled until January 2019.

We paid $89.7 million less in dividends during 2020 compared to 2019 primarily as a result of shifting our fourth quarter 2020 dividend payment date to January 2021, partially offset by an increase in our dividend rate during 2020 as compared to 2019.

We had the following debt related activity during 2020:

o

We repaid, net of draws, an additional $220 million on our Line.

o

We received net proceeds of $598.8 million upon issuance, in May 2020, of senior unsecured public notes.

o

We paid $400.0 million for other debt repayments, including:

$321.7 million, including a make-whole premium, to redeem our senior unsecured public notes originally due November 2022;

$67.2 million to repay four mortgages; and

$11.1 million in principal mortgage payments.

o

We paid $5.1 million of loan costs in connection with our public note offerings above.

We had the following debt related activity during 2019:

o

We borrowed, net of payments, an additional $75.0 million on our Line.

o

We received total proceeds of $723.6 million upon the issuance of two senior unsecured public note offerings during 2019.

o

We paid $625.8 million for other debt repayments, including:

$259.6 million to redeem our senior unsecured public notes originally due April 2021;

$300 million for repayment of a term loan originally due December 2020;

$53.7 million to repay two mortgages; and

54


$12.4 million in principal mortgage payments.

o

We paid $7.0 million of loan costs in connection with our two public note offerings above.

Contractual Obligations

We have debt obligations related to our mortgage loans, unsecured notes, unsecured credit facilities, interest rate swap obligations, and lease agreements as described further below and in notes 4, 7, 9, and 10 to the Consolidated Financial Statements. We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. We also have non-cancelable operating leases pertaining to office space from which we conduct our business.

The following table of Contractual Obligations summarizes our debt maturities, including our Pro-rata share of obligations within co-investment partnerships as of December 31, 2020, and excludes the following:

Recorded debt premiums or discounts and issuance costs that are not obligations;

Obligations related to construction or development contracts, since payments are only due upon satisfactory performance under the contracts;

Letters of credit of $9.7 million issued to cover our captive insurance program and performance obligations on certain development projects, which the latter will be satisfied upon completion of the development projects; and

Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14 to the Consolidated Financial Statements.

Payments Due by Period

(in thousands)

2021

2022

2023

2024

2025

Beyond 5

Years

Total

Notes payable:

Regency (1)

$

188,284

(3)

424,576

(3)

213,267

475,709

411,820

3,857,270

$

5,570,926

Regency's share of joint ventures (1) (2)

142,165

111,596

75,674

22,808

53,061

290,495

695,799

Operating leases:

Office leases - Regency

4,654

3,379

2,580

2,114

1,961

2,777

17,465

Subleases:

Office leases - Regency

(309

)

(309

)

Ground leases:

Regency

10,778

10,837

11,054

11,103

11,106

542,184

597,062

Regency's share of joint ventures

278

278

278

1,206

186

9,730

11,956

Total

$

345,850

550,666

302,853

512,940

478,134

4,702,456

6,892,899

(1)

Includes interest payments.

(2)

We are obligated to contribute our Pro-rata share to fund maturities if they are not refinanced. We believe that our partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, we would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner’s membership interest.

( 3 )

2021 and 2022 payments for Regency’s notes payable include principal and interest for its $265 million 2% Term Loan due to mature in January 2022 but repaid by Regency in January 2021.

Critical Accounting Estimates

Knowledge about our accounting policies is necessary for a complete understanding of our financial statements. The preparation of our financial statements requires that we make certain estimates that impact the balance of assets and liabilities as of a financial statement date and the reported amount of income and expenses during a financial reporting period. These accounting estimates are based upon, but not limited to, our judgments about historical and expected future results, current market conditions, and interpretation of industry accounting standards. They are considered to be critical because of their significance to the financial statements and the possibility that future events may differ from those judgments, or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates.

55


Collectibility of Lease Income

Lease income, which includes base rent, percentage rent, and recoveries from tenants for common area maintenance costs, insurance and real estate taxes are the Company's principal source of revenue. As a result of generating this revenue, we will routinely have accounts receivable due from tenants.

Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date.  At lease commencement, the Company generally expects that collectibility is probable due to the Company’s credit assessment of tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis.  For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized and uncollected Lease income is reversed in the period in which the Lease income is determined not to be probable of collection.  In addition to the lease-specific collectibility assessment, the Company may recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience.  Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates.

Real Estate Investments

Acquisition of Real Estate Investments

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Transaction costs associated with asset acquisitions are capitalized, while such costs are expensed for business combinations in the period incurred.  Beginning in July 2017, the Company adopted Accounting Standard Update 2017-01, Business Combinations (Topic 805):  Clarifying the Definition of a Business , under which the acquisition of operating properties are generally considered asset acquisitions.  If, however, the acquisition is determined to be a business combination, any excess consideration above the fair value allocated to the applicable assets and liabilities results in goodwill. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company's methodology for determining fair value of the acquired tangible and intangible assets and liabilities includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements.  In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period.  The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable.  The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable.

Changes to these assumptions could result in a different pattern of recognition.  If tenants do not remain in their lease through the expected term or exercise an assumed renewal option, there could be a material impact to earnings.

Valuation of Real Estate Investments

In accordance with GAAP, we evaluate our real estate for impairment whenever there are indicators, including property operating performance and general market conditions, that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. If such indicators occur, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, anticipated hold period, comparable sales information, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and the resulting impairment, if any, could differ from the actual gain or loss recognized upon ultimate sale in an arm's length transaction. If the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value.

The fair value of real estate assets is subjective and is determined through comparable sales information and other market data if available, as well as the use of an income approach such as the direct capitalization method or the discounted cash flow approach.  Such

56


cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors, and therefore is subject to management judgment and changes in those factors could impact the determination of fair value. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance.

Recent Accounting Pronouncements

See Note 1 to Consolidated Financial Statements.

Environmental Matters

We are subject to numerous environmental laws and regulations as they apply to our shopping centers pertaining primarily to specific chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, and the presence of underground petroleum storage tanks.  We believe that the few tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations.  Generally, we endeavor to require tenants to remove dry cleaning plants from our shopping centers or convert them to more environmentally friendly systems, in accordance with the terms of our leases.  We also have a blanket environmental insurance policy for third-party liabilities and remediation costs on shopping centers that currently have no known environmental contamination.  We have also secured environmental insurance policies, where appropriate, on a relatively small number of specific properties with known contamination, in order to mitigate our environmental risk.  We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites.  We also have legal obligations to remediate certain sites, and we are in the process of doing so.

As of December 31, 2020, we had accrued liabilities of $8.3 million for our Pro-rata share of environmental remediation, including our Investments in real estate partnerships.  We believe that the ultimate remediation of currently known environmental matters will not have a material effect on our financial position, liquidity, or results of operations.  We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us.

Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements, financings, or other relationships with other unconsolidated entities (other than our unconsolidated investment partnerships) or other persons, also known as variable interest entities, not previously discussed. Many of our unconsolidated investment partnerships’ operating properties have been financed with non-recourse loans, to which we have no repayment guarantees.

Inflation/Deflation

Inflation has been historically low and has had a minimal impact on the operating performance of our shopping centers; however, inflation may become a greater concern in the future.  Substantially all of our long-term leases contain provisions designed to mitigate the adverse impact of inflation, which require tenants to pay their pro-rata share of operating expenses, including common-area maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation.  In addition, many of our leases are for terms of less than ten years, which permits us to seek increased rents upon re-rental at market rates.  However, during deflationary periods or periods of economic weakness, minimum rents and percentage rents may decline as the supply of available retail space exceeds demand and consumer spending declines.  Percent leased declines may also result in lower recovery rates of our operating expenses.

57


Item 7A. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to two significant components of interest rate risk:

We have a Line commitment, as further described in note 9 to the Consolidated Financial Statements, which has a variable interest rate that as of December 31, 2020 is based upon an annual rate of LIBOR plus 0.875%. LIBOR rates charged on our Line change monthly and the spread on the Line is dependent upon maintaining specific credit ratings. If our credit ratings are downgraded, the spread on the Line would increase, resulting in higher interest costs. The interest rate spread based on our credit rating ranges from LIBOR plus 0.700% to LIBOR plus 1.550%.

We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows. To achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes. Our interest rate swaps are structured solely for the purpose of interest rate protection.

We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or fund our commitments. Although the capital markets have experienced volatility related to the pandemic, we continue to believe that we will be able to successfully issue new secured or unsecured debt to fund maturing debt obligations given our credit ratings, our capacity under our unsecured credit facilities, and the number of high quality, unencumbered properties that we own which could collateralize borrowings.  However, the degree to which such capital market volatility will adversely impact the interest rates on any new debt that we may issue is uncertain.

Our interest rate risk is monitored using a variety of techniques. The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2020. For variable rate mortgages and unsecured credit facilities for which we have interest rate swaps in place to fix the interest rate, they are included in the Fixed rate debt section below at their all-in fixed rate. The table is presented by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes. Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2020, and are subject to change on a monthly basis. In addition, the Company continually assesses the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $350,000 per year based on $34.1 million of floating rate mortgage debt outstanding at December 31, 2020. If the Company increases its line of credit balance in the future, additional decreases to future earnings and cash flows could occur.

Further, the table below incorporates only those exposures that exist as of December 31, 2020, and does not consider exposures or positions that could arise after that date or obligations repaid before maturity. Since firm commitments are not presented, the table has limited predictive value. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, our hedging strategies at that time, and actual interest rates.

The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2020.

(dollars in thousands)

2021

2022

2023

2024

2025

Thereafter

Total

Fair Value

Fixed rate debt (1)

$

15,409

282,645

69,499

346,048

294,207

2,913,805

3,921,613

4,333,923

Average interest rate for all fixed rate debt (2)

3.71

%

3.83

%

3.83

%

3.84

%

3.84

%

3.84

%

Variable rate LIBOR debt (1)

$

27,750

6,350

34,100

33,685

Average interest rate for all variable rate debt (2)

1.65

%

1.65

%

%

%

%

%

%

( 1 )

Reflects amount of debt maturities during each of the years presented as of December 31, 2020.  2022 Fixed rate debt includes the $265 million Term Loan, originally due to mature in January 2022, but repaid in January 2021.

( 2 )

Reflects weighted average interest rates of debt outstanding at the end of each year presented.  For variable rate debt, the benchmark interest rate (LIBOR), as of December 31, 2020, was used to determine the average rate for all future periods.

58


Item 8. Consolidated Financial St atements and Supplementary Data

Regency Centers Corporation and Regency Centers, L.P.

Index to Financial Statements

Reports of Independent Registered Public Accounting Firm

60

Regency Centers Corporation:

Consolidated Balance Sheets as of December 31, 2020 and 2019

66

Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018

67

Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019, and 2018

68

Consolidated Statements of Equity for the years ended December 31, 2020, 2019, and 2018

69

Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019, and 2018

71

Regency Centers, L.P.:

Consolidated Balance Sheets as of December 31, 2020 and 2019

73

Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018

74

Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019, and 2018

75

Consolidated Statements of Capital for the years ended December 31, 2020, 2019, and 2018

76

Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019, and 2018

78

Notes to Consolidated Financial Statements

80

Financial Statement Schedule

Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2020

115

All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information required therein is shown in the consolidated financial statements or notes thereto.

59


Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Regency Centers Corporation:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2021 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, Leases .

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Identification and assessment of real estate property impairment indicators

As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $9.1 billion as of December 31, 2020. The Company evaluates real estate properties for impairment whenever there are indicators, including property operating performance and general market conditions, that the carrying value of the real estate properties may not be recoverable.

We identified the identification and assessment of real estate property impairment indicators as a critical audit matter. A high degree of subjective auditor judgment was required to evaluate the Company’s judgments regarding the identification and assessment of potential indicators that the carrying value of the real estate properties may not be recoverable. Changes in assumptions regarding property conditions, occupancy rates, net operating income and the rate of cash collections from tenants,

60


and anticipated hold periods could have an impact on the determination to further evaluate the real estate properties for impairment .

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter, including controls related to the identification and assessment of potential indicators of impairment. Using property financial and leasing data, we performed an assessment of changes in occupancy rates, net operating income and the rate of cash collections for individual real estate properties and compared the results to the Company’s assessment. In addition, to identify a change in property condition or a shortened hold period we inquired of Company officials, attended Company quarterly meetings and inspected documents such as meeting minutes of the Company’s board of directors.

/s/ KPMG LLP

We have served as the Company's auditor since 1993.

Jacksonville, Florida

February 17, 2021

61


Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Regency Centers Corporation:

Opinion on Internal Control Over Financial Reporting

We have audited Regency Centers Corporation’s and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2021 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Jacksonville, Florida

February 17, 2021

62


Report of Independent Registered Public Accounting Firm

The Board of Directors of Regency

Centers Corporation, and the

Partners of Regency Centers, L.P.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2021 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Partnership has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, Leases .

Basis for Opinion

These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) related to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate a opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Identification and assessment of real estate property impairment indicators

As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $9.1 billion as of December 31, 2020. The Partnership evaluates real estate properties for impairment whenever there are indicators, including property operating performance and general market conditions, that the carrying value of the real estate properties may not be recoverable.

We identified the identification and assessment of real estate property impairment indicators as a critical audit matter. A high degree of subjective auditor judgment was required to evaluate the Partnership’s judgments regarding the identification and assessment of potential indicators that the carrying value of the real estate properties may not be recoverable. Changes in

63


assumptions regarding property conditions, occupancy rates, net operating income and the rate of cash collections from tenants, and anticipated hold periods could have an impact on the determination to further evaluate the real estate properties for impairment .

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter, including controls related to the identification and assessment of potential indicators of impairment. Using property financial and leasing data, we performed an assessment of changes in occupancy rates, net operating income and the rate of cash collections for individual real estate properties and compared the results to the Partnership’s assessment. In addition, to identify a change in property condition or a shortened hold period we inquired of Partnership officials, attended Partnership quarterly meetings and inspected documents such as meeting minutes of the general partners’ board of directors.

/s/ KPMG LLP

We have served as the Partnership's auditor since 1998.

Jacksonville, Florida

February 17, 2021

64


Report of Independent Registered Public Accounting Firm

The Board of Directors of Regency

Centers Corporation, and the

Partners of Regency Centers, L.P.:

Opinion on Internal Control Over Financial Reporting

We have audited Regency Centers, L.P.’s and subsidiaries’ (the Partnership) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes and financial statement schedule III – Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2021 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Jacksonville, Florida

February 17, 2021

65


REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

December 31, 2020 and 2019

(in thousands, except share data)

2020

2019

Assets

Real estate assets, at cost (note 1):

$

11,101,858

11,095,294

Less: accumulated depreciation

1,994,108

1,766,162

Real estate assets, net

9,107,750

9,329,132

Investments in real estate partnerships (note 4)

467,155

469,522

Properties held for sale

33,934

45,565

Cash, cash equivalents, and restricted cash, including $ 2,377 and $ 2,542 of restricted cash at December 31, 2020 and 2019, respectively (note 1)

378,450

115,562

Tenant and other receivables (note 1)

143,633

169,337

Deferred leasing costs, less accumulated amortization of $ 113,959 and $ 108,381 at December 31, 2020 and 2019, respectively

67,910

76,798

Acquired lease intangible assets, less accumulated amortization of $ 284,880 and $ 259,310 at December 31, 2020 and 2019, respectively (note 6)

188,799

242,822

Right of use assets, net

287,827

292,786

Other assets (note 5)

261,446

390,729

Total assets

$

10,936,904

11,132,253

Liabilities and Equity

Liabilities:

Notes payable (note 9)

$

3,658,405

3,435,161

Unsecured credit facilities (note 9)

264,679

484,383

Accounts payable and other liabilities

302,361

213,705

Acquired lease intangible liabilities, less accumulated amortization of $ 145,966 and $ 131,676 at December 31, 2020 and 2019, respectively (note 6)

377,712

427,260

Lease liabilities

220,390

222,918

Tenants’ security, escrow deposits and prepaid rent

55,210

58,865

Total liabilities

4,878,757

4,842,292

Commitments and contingencies (note 16)

Equity:

Stockholders’ equity (note 12):

Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 169,680,138 and 167,571,218 shares issued at December 31, 2020 and 2019, respectively

1,697

1,676

Treasury stock at cost, 459,828 and 440,574 shares held at December 31, 2020 and 2019, respectively

( 24,436

)

( 23,199

)

Additional paid-in capital

7,792,082

7,654,930

Accumulated other comprehensive loss

( 18,625

)

( 11,997

)

Distributions in excess of net income

( 1,765,806

)

( 1,408,062

)

Total stockholders’ equity

5,984,912

6,213,348

Noncontrolling interests (note 12):

Exchangeable operating partnership units, aggregate redemption value of $ 34,878 and $ 47,092 at December 31, 2020 and 2019, respectively

35,727

36,100

Limited partners’ interests in consolidated partnerships (note 1)

37,508

40,513

Total noncontrolling interests

73,235

76,613

Total equity

6,058,147

6,289,961

Total liabilities and equity

$

10,936,904

11,132,253

See accompanying notes to consolidated financial statements.

66


REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the years ended December 31, 2020, 2019, and 2018

(in thousands, except per share data)

2020

2019

2018

Revenues:

Lease income

$

980,166

1,094,301

1,083,770

Other property income

9,508

9,201

8,711

Management, transaction, and other fees

26,501

29,636

28,494

Total revenues

1,016,175

1,133,138

1,120,975

Operating expenses:

Depreciation and amortization

345,900

374,283

359,688

Operating and maintenance

170,073

169,909

168,034

General and administrative

75,001

74,984

65,491

Real estate taxes

143,004

136,236

137,856

Other operating expenses

12,642

7,814

9,737

Total operating expenses

746,620

763,226

740,806

Other expense (income):

Interest expense, net

156,678

151,264

148,456

Goodwill impairment

132,128

Provision for impairment of real estate, net of tax

18,536

54,174

38,437

Gain on sale of real estate, net of tax

( 67,465

)

( 24,242

)

( 28,343

)

Early extinguishment of debt

21,837

11,982

11,172

Net investment (income) loss

( 5,307

)

( 5,568

)

1,096

Total other expense (income)

256,407

187,610

170,818

Income from operations before equity in income of investments in real estate partnerships

13,148

182,302

209,351

Equity in income of investments in real estate partnerships (note 4)

34,169

60,956

42,974

Net income

47,317

243,258

252,325

Noncontrolling interests:

Exchangeable operating partnership units

( 203

)

( 634

)

( 525

)

Limited partners’ interests in consolidated partnerships

( 2,225

)

( 3,194

)

( 2,673

)

Income attributable to noncontrolling interests

( 2,428

)

( 3,828

)

( 3,198

)

Net income attributable to common stockholders

$

44,889

239,430

249,127

Income per common share - basic (note 15)

$

0.27

1.43

1.47

Income per common share - diluted (note 15)

$

0.26

1.43

1.46

See accompanying notes to consolidated financial statements.

67


REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2020, 2019, and 2018

(in thousands)

2020

2019

2018

Net income

$

47,317

243,258

252,325

Other comprehensive (loss) income:

Effective portion of change in fair value of derivative instruments:

Effective portion of change in fair value of derivative instruments

( 19,187

)

( 15,585

)

402

Reclassification adjustment of derivative instruments included in net income

11,262

3,269

5,342

Unrealized gain (loss) on available-for-sale securities

320

315

( 95

)

Other comprehensive (loss) income

( 7,605

)

( 12,001

)

5,649

Comprehensive income

39,712

231,257

257,974

Less: comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

2,428

3,828

3,198

Other comprehensive (loss) income attributable to noncontrolling interests

( 977

)

( 931

)

299

Comprehensive (loss) income attributable to noncontrolling interests

1,451

2,897

3,497

Comprehensive income attributable to the Company

$

38,261

228,360

254,477

See accompanying notes to consolidated financial statements.

68


REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the years ended December 31, 2020, 2019, and 2018

(in thousands, except per share data)

Stockholders' Equity

Noncontrolling Interests

Preferred

Stock

Common

Stock

Treasury

Stock

Additional

Paid In

Capital

Accumulated

Other

Comprehensive

Loss

Distributions

in Excess of

Net Income

Total

Stockholders’

Equity

Exchangeable

Operating

Partnership

Units

Limited

Partners’

Interest  in

Consolidated

Partnerships

Total

Noncontrolling

Interests

Total

Equity

Balance at December 31, 2017

$

1,714

( 18,307

)

7,873,104

( 6,289

)

( 1,158,170

)

6,692,052

10,907

30,095

41,002

6,733,054

Adjustment due to change in accounting policy (note 1)

12

30,889

30,901

2

2

30,903

Adjusted balance at January 1, 2018

1,714

( 18,307

)

7,873,104

( 6,277

)

( 1,127,281

)

6,722,953

10,907

30,097

41,004

6,763,957

Net income

249,127

249,127

525

2,673

3,198

252,325

Other comprehensive income:

Other comprehensive income before reclassifications

36

36

271

271

307

Amounts reclassified from accumulated other comprehensive income

5,314

5,314

11

17

28

5,342

Deferred compensation plan, net

( 1,527

)

1,514

( 13

)

( 13

)

Restricted stock issued, net of amortization

2

16,743

16,745

16,745

Common stock redeemed for taxes withheld for stock based compensation, net

( 6,373

)

( 6,373

)

( 6,373

)

Common stock issued under dividend reinvestment plan

1,333

1,333

1,333

Common stock issued, net of issuance costs

10

10

10

Common stock repurchased and retired

( 37

)

( 213,814

)

( 213,851

)

( 213,851

)

Contributions from partners

13,000

13,000

13,000

Distributions to partners

( 4,526

)

( 4,526

)

( 4,526

)

Cash dividends declared:

Common stock/unit ($ 2.22 per share)

( 377,311

)

( 377,311

)

( 777

)

( 777

)

( 378,088

)

Balance at December 31, 2018

$

1,679

( 19,834

)

7,672,517

( 927

)

( 1,255,465

)

6,397,970

10,666

41,532

52,198

6,450,168

Net income

239,430

239,430

634

3,194

3,828

243,258

Other comprehensive income:

Other comprehensive income before reclassifications

( 14,388

)

( 14,388

)

( 31

)

( 851

)

( 882

)

( 15,270

)

Amounts reclassified from accumulated other comprehensive income

3,318

3,318

12

( 61

)

( 49

)

3,269

Deferred compensation plan, net

( 3,365

)

3,365

Restricted stock issued, net of amortization

2

16,252

16,254

16,254

Common stock redeemed for taxes withheld for stock based compensation, net

( 5,794

)

( 5,794

)

( 5,794

)

Common stock issued under dividend reinvestment plan

1

1,428

1,429

1,429

Common stock repurchased and retired

( 6

)

( 32,772

)

( 32,778

)

( 32,778

)

Reallocation of limited partners' interest

( 66

)

( 66

)

66

66

Contributions from partners

2,151

2,151

2,151

Issuance of exchangeable operating partnership units

25,870

25,870

25,870

Distributions to partners

( 5,518

)

( 5,518

)

( 5,518

)

Cash dividends declared:

Common stock/unit ($ 2.34 per share)

( 392,027

)

( 392,027

)

( 1,051

)

( 1,051

)

( 393,078

)

Balance at December 31, 2019

$

1,676

( 23,199

)

7,654,930

( 11,997

)

( 1,408,062

)

6,213,348

36,100

40,513

76,613

6,289,961

69


Stockholders' Equity

Noncontrolling Interests

Preferred

Stock

Common

Stock

Treasury

Stock

Additional

Paid In

Capital

Accumulated

Other

Comprehensive

Loss

Distributions

in Excess of

Net Income

Total

Stockholders’

Equity

Exchangeable

Operating

Partnership

Units

Limited

Partners’

Interest  in

Consolidated

Partnerships

Total

Noncontrolling

Interests

Total

Equity

Balance at December 31, 2019

$

1,676

( 23,199

)

7,654,930

( 11,997

)

( 1,408,062

)

6,213,348

36,100

40,513

76,613

6,289,961

Net income

44,889

44,889

203

2,225

2,428

47,317

Other comprehensive loss

Other comprehensive loss before reclassifications

( 17,589

)

( 17,589

)

( 79

)

( 1,199

)

( 1,278

)

( 18,867

)

Amounts reclassified from accumulated other comprehensive loss

10,961

10,961

50

251

301

11,262

Deferred compensation plan, net

( 1,237

)

1,237

Restricted stock issued, net of amortization

2

14,246

14,248

14,248

Common stock redeemed for taxes withheld for stock based compensation, net

( 5,059

)

( 5,059

)

( 5,059

)

Common stock issued under dividend reinvestment plan

1,139

1,139

1,139

Common stock issued, net of issuance costs

19

125,589

125,608

125,608

Contributions from partners

606

606

606

Issuance of exchangeable operating partnership units

1,275

1,275

1,275

Distributions to partners

( 4,888

)

( 4,888

)

( 4,888

)

Cash dividends declared:

Common stock/unit ($ 2.38 per share)

( 402,633

)

( 402,633

)

( 1,822

)

( 1,822

)

( 404,455

)

Balance at December 31, 2020

$

1,697

( 24,436

)

7,792,082

( 18,625

)

( 1,765,806

)

5,984,912

35,727

37,508

73,235

6,058,147

See accompanying notes to consolidated financial statements.

70


REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the years ended December 31, 2020, 2019, and 2018

(in thousands)

2020

2019

2018

Cash flows from operating activities:

Net income

$

47,317

243,258

252,325

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

345,900

374,283

359,688

Amortization of deferred loan costs and debt premiums

9,023

11,170

10,476

(Accretion) and amortization of above and below market lease intangibles, net

( 40,540

)

( 43,867

)

( 33,330

)

Stock-based compensation, net of capitalization

13,581

14,339

13,635

Equity in income of investments in real estate partnerships

( 34,169

)

( 60,956

)

( 42,974

)

Gain on sale of real estate, net of tax

( 67,465

)

( 24,242

)

( 28,343

)

Provision for impairment, net of tax

18,536

54,174

38,437

Goodwill impairment

132,128

Early extinguishment of debt

21,837

11,982

11,172

Distribution of earnings from investments in real estate partnerships

47,703

56,297

54,266

Settlement of derivative instrument

( 6,870

)

Deferred compensation expense

4,668

5,169

( 1,085

)

Realized and unrealized gain on investments

( 5,519

)

( 5,433

)

1,177

Changes in assets and liabilities:

Tenant and other receivables

16,944

( 4,690

)

( 26,374

)

Deferred leasing costs

( 6,973

)

( 6,777

)

( 8,366

)

Other assets

( 1,200

)

( 1,570

)

( 1,410

)

Accounts payable and other liabilities

997

4,175

( 760

)

Tenants’ security, escrow deposits and prepaid rent

( 3,650

)

829

11,793

Net cash provided by operating activities

499,118

621,271

610,327

Cash flows from investing activities:

Acquisition of operating real estate

( 16,867

)

( 222,444

)

( 85,289

)

Advance deposits refunded (paid) on acquisition of operating real estate

100

( 125

)

Real estate development and capital improvements

( 180,804

)

( 200,012

)

( 226,191

)

Proceeds from sale of real estate investments

189,444

137,572

250,445

Proceeds from property insurance casualty claims

7,957

9,350

(Issuance) collection of notes receivable

( 1,340

)

( 547

)

.

15,648

Investments in real estate partnerships

( 51,440

)

( 66,921

)

( 74,238

)

Return of capital from investments in real estate partnerships

32,125

63,693

14,647

Dividends on investment securities

353

660

531

Acquisition of investment securities

( 25,155

)

( 23,458

)

( 23,164

)

Proceeds from sale of investment securities

19,986

19,539

21,587

Net cash used in investing activities

( 25,641

)

( 282,693

)

( 106,024

)

71


2020

2019

2018

Cash flows from financing activities:

Net proceeds from common stock issuance

125,608

Repurchase of common shares in conjunction with equity award plans

( 5,512

)

( 6,204

)

( 6,772

)

Proceeds from sale of treasury stock

269

9

99

Common shares repurchased through share repurchase program

( 32,778

)

( 213,851

)

Distributions to limited partners in consolidated partnerships, net

( 2,770

)

( 3,367

)

( 4,526

)

Distributions to exchangeable operating partnership unit holders

( 1,366

)

( 1,051

)

( 777

)

Dividends paid to common stockholders

( 300,537

)

( 390,598

)

( 375,978

)

Repayment of fixed rate unsecured notes

( 300,000

)

( 250,000

)

( 150,000

)

Proceeds from issuance of fixed rate unsecured notes, net

598,830

723,571

299,511

Proceeds from unsecured credit facilities

610,000

560,000

575,000

Repayment of unsecured credit facilities

( 830,000

)

( 785,000

)

( 490,000

)

Proceeds from notes payable

1,740

Repayment of notes payable

( 67,189

)

( 55,680

)

( 113,037

)

Scheduled principal payments

( 11,104

)

( 9,442

)

( 9,964

)

Payment of loan costs

( 5,063

)

( 7,019

)

( 9,448

)

Early redemption costs

( 21,755

)

( 10,647

)

( 10,491

)

Net cash used in financing activities

( 210,589

)

( 268,206

)

( 508,494

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

262,888

70,372

( 4,191

)

Cash, cash equivalents, and restricted cash at beginning of the year

115,562

45,190

49,381

Cash, cash equivalents, and restricted cash at end of the year

$

378,450

115,562

45,190

Supplemental disclosure of cash flow information:

Cash paid for interest (net of capitalized interest of $ 4,355 , $ 4,192 , and $ 7,020 in 2020, 2019, and 2018, respectively)

$

151,338

136,139

136,645

Cash paid for income taxes, net of refunds

$

1,870

1,225

5,455

Supplemental disclosure of non-cash transactions:

Exchangeable operating partnership units issued for acquisition of real estate

$

1,275

25,870

Acquisition of real estate previously held within investments in real estate partnerships

$

5,986

Mortgage loans for the acquisition of real estate

$

16,359

26,152

9,700

Mortgage loan assumed by purchaser with the sale of real estate

$

8,250

Change in fair value of securities

$

315

660

( 206

)

Change in accrued capital expenditures

$

12,166

10,704

Common stock issued for dividend reinvestment plan

$

1,139

1,429

1,333

Stock-based compensation capitalized

$

1,119

2,325

3,509

Common stock and exchangeable operating partnership

dividends declared but not yet paid

$

101,412

(Distributions to) Contributions from limited partners in consolidated partnerships, net

$

( 1,512

)

66

13,000

Common stock issued for dividend reinvestment in trust

$

819

987

841

Contribution of stock awards into trust

$

1,524

2,582

1,314

Distribution of stock held in trust

$

1,052

197

524

See accompanying notes to consolidated financial statements.

72


REGENCY CENTERS, L.P.

Consolidated Balance Sheets

December 31, 2020 and 2019

(in thousands, except unit data)

2020

2019

Assets

Real estate assets, at cost (note 1):

$

11,101,858

11,095,294

Less: accumulated depreciation

1,994,108

1,766,162

Real estate assets, net

9,107,750

9,329,132

Investments in real estate partnerships (note 4)

467,155

469,522

Properties held for sale

33,934

45,565

Cash, cash equivalents, and restricted cash, including $ 2,377 and $ 2,542 of restricted cash at December 31, 2020 and 2019, respectively (note 1)

378,450

115,562

Tenant and other receivables (note 1)

143,633

169,337

Deferred leasing costs, less accumulated amortization of $ 113,959 and $ 108,381 at December 31, 2020 and 2019, respectively

67,910

76,798

Acquired lease intangible assets, less accumulated amortization of $ 284,880 and $ 259,310 at December 31, 2020 and 2019, respectively (note 6)

188,799

242,822

Right of use assets, net

287,827

292,786

Other assets (note 5)

261,446

390,729

Total assets

$

10,936,904

11,132,253

Liabilities and Capital

Liabilities:

Notes payable (note 9)

$

3,658,405

3,435,161

Unsecured credit facilities (note 9)

264,679

484,383

Accounts payable and other liabilities

302,361

213,705

Acquired lease intangible liabilities, less accumulated amortization of $ 145,966 and $ 131,676 at December 31, 2020 and 2019, respectively (note 6)

377,712

427,260

Lease liabilities

220,390

222,918

Tenants’ security, escrow deposits and prepaid rent

55,210

58,865

Total liabilities

4,878,757

4,842,292

Commitments and contingencies (note 16)

Capital:

Partners’ capital (note 12):

General partner; 169,680,138 and 167,571,218 units outstanding at December 31, 2020 and 2019, respectively

6,003,537

6,225,345

Limited partners; 765,046 and 746,433 units outstanding at December 31, 2020 and 2019

35,727

36,100

Accumulated other comprehensive (loss)

( 18,625

)

( 11,997

)

Total partners’ capital

6,020,639

6,249,448

Noncontrolling interests: Limited partners’ interests in consolidated partnerships

37,508

40,513

Total capital

6,058,147

6,289,961

Total liabilities and capital

$

10,936,904

11,132,253

See accompanying notes to consolidated financial statements.

73


REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the years ended December 31, 2020, 2019, and 2018

(in thousands, except per unit data)

2020

2019

2018

Revenues:

Lease income

$

980,166

1,094,301

1,083,770

Other property income

9,508

9,201

8,711

Management, transaction, and other fees

26,501

29,636

28,494

Total revenues

1,016,175

1,133,138

1,120,975

Operating expenses:

Depreciation and amortization

345,900

374,283

359,688

Operating and maintenance

170,073

169,909

168,034

General and administrative

75,001

74,984

65,491

Real estate taxes

143,004

136,236

137,856

Other operating expenses

12,642

7,814

9,737

Total operating expenses

746,620

763,226

740,806

Other expense (income):

Interest expense, net

156,678

151,264

148,456

Goodwill impairment

132,128

Provision for impairment of real estate, net of tax

18,536

54,174

38,437

Gain on sale of real estate, net of tax

( 67,465

)

( 24,242

)

( 28,343

)

Early extinguishment of debt

21,837

11,982

11,172

Net investment (income) loss

( 5,307

)

( 5,568

)

1,096

Total other expense (income)

256,407

187,610

170,818

Income from operations before equity in income of investments in real estate partnerships

13,148

182,302

209,351

Equity in income of investments in real estate partnerships (note 4)

34,169

60,956

42,974

Net income

47,317

243,258

252,325

Limited partners’ interests in consolidated partnerships

( 2,225

)

( 3,194

)

( 2,673

)

Net income attributable to common unit holders

$

45,092

240,064

249,652

Income per common unit - basic (note 15):

$

0.27

1.43

1.47

Income per common unit - diluted (note 15):

$

0.26

1.43

1.46

See accompanying notes to consolidated financial statements.

74


REGENCY CENTERS, L.P.

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2020, 2019, and 2018

(in thousands)

2020

2019

2018

Net income

$

47,317

243,258

252,325

Other comprehensive (loss) income:

Effective portion of change in fair value of derivative instruments:

Effective portion of change in fair value of derivative instruments

( 19,187

)

( 15,585

)

402

Reclassification adjustment of derivative instruments included in net income

11,262

3,269

5,342

Unrealized gain (loss) on available-for-sale securities

320

315

( 95

)

Other comprehensive (loss) income

( 7,605

)

( 12,001

)

5,649

Comprehensive income

39,712

231,257

257,974

Less: comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

2,225

3,194

2,673

Other comprehensive (loss) income attributable to noncontrolling interests

( 948

)

( 912

)

288

Comprehensive (loss) income attributable to noncontrolling interests

1,277

2,282

2,961

Comprehensive income attributable to the Company

$

38,435

228,975

255,013

See accompanying notes to consolidated financial statements.

75


REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the years ended December 31, 2020, 2019, and 2018

(in thousands)

General Partner

Preferred and

Common Units

Limited

Partners

Accumulated

Other

Comprehensive

Loss

Total

Partners’

Capital

Noncontrolling

Interests in

Limited Partners’

Interest in

Consolidated

Partnerships

Total

Capital

Balance at December 31, 2017

$

6,698,341

10,907

( 6,289

)

6,702,959

30,095

6,733,054

Adjustment due to change in accounting policy (note 1)

30,889

12

30,901

2

30,903

Adjusted balance at January 1, 2018

6,729,230

10,907

( 6,277

)

6,733,860

30,097

6,763,957

Net income

249,127

525

249,652

2,673

252,325

Other comprehensive income

Other comprehensive income before reclassifications

36

36

271

307

Amounts reclassified from accumulated other comprehensive income

11

5,314

5,325

17

5,342

Deferred compensation plan, net

( 13

)

( 13

)

( 13

)

Contributions from partners

13,000

13,000

Distributions to partners

( 377,311

)

( 777

)

( 378,088

)

( 4,526

)

( 382,614

)

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

16,745

16,745

16,745

Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company

( 213,851

)

( 213,851

)

( 213,851

)

Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances

( 5,030

)

( 5,030

)

( 5,030

)

Balance at December 31, 2018

$

6,398,897

10,666

( 927

)

6,408,636

41,532

6,450,168

Net income

239,430

634

240,064

3,194

243,258

Other comprehensive income

Other comprehensive income before reclassifications

( 31

)

( 14,388

)

( 14,419

)

( 851

)

( 15,270

)

Amounts reclassified from accumulated other comprehensive income

12

3,318

3,330

( 61

)

3,269

Contributions from partners

2,151

2,151

Issuance of exchangeable operating partnership units

25,870

25,870

25,870

Distributions to partners

( 392,027

)

( 1,051

)

( 393,078

)

( 5,518

)

( 398,596

)

Reallocation of limited partners' interest

( 66

)

( 66

)

66

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

16,254

16,254

16,254

Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company

( 32,778

)

( 32,778

)

( 32,778

)

Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company

( 4,365

)

( 4,365

)

( 4,365

)

Balance at December 31, 2019

$

6,225,345

36,100

( 11,997

)

6,249,448

40,513

6,289,961

76


General Partner

Preferred and

Common Units

Limited

Partners

Accumulated

Other

Comprehensive

Loss

Total

Partners’

Capital

Noncontrolling

Interests in

Limited Partners’

Interest in

Consolidated

Partnerships

Total

Capital

Balance at December 31, 2019

$

6,225,345

36,100

( 11,997

)

6,249,448

40,513

6,289,961

Net income

44,889

203

45,092

2,225

47,317

Other comprehensive loss

Other comprehensive loss before reclassifications

( 79

)

( 17,589

)

( 17,668

)

( 1,199

)

( 18,867

)

Amounts reclassified from accumulated other comprehensive loss

50

10,961

11,011

251

11,262

Contributions from partners

606

606

Issuance of exchangeable operating partnership units

1,275

1,275

1,275

Distributions to partners

( 402,633

)

( 1,822

)

( 404,455

)

( 4,888

)

( 409,343

)

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

14,248

14,248

14,248

Common units issued as a result of common stock issued by Parent Company, net of issuance costs

125,608

125,608

125,608

Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances

( 3,920

)

( 3,920

)

( 3,920

)

Balance at December 31, 2020

$

6,003,537

35,727

( 18,625

)

6,020,639

37,508

6,058,147

See accompanying notes to consolidated financial statements.

77


REGENCY CENTERS, L.P.

Consolidated Statements of Cash Flows

For the years ended December 31, 2020, 2019, and 2018

(in thousands)

2020

2019

2018

Cash flows from operating activities:

Net income

$

47,317

243,258

252,325

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

345,900

374,283

359,688

Amortization of deferred loan costs and debt premiums

9,023

11,170

10,476

(Accretion) and amortization of above and below market lease intangibles, net

( 40,540

)

( 43,867

)

( 33,330

)

Stock-based compensation, net of capitalization

13,581

14,339

13,635

Equity in income of investments in real estate partnerships

( 34,169

)

( 60,956

)

( 42,974

)

Gain on sale of real estate, net of tax

( 67,465

)

( 24,242

)

( 28,343

)

Provision for impairment, net of tax

18,536

54,174

38,437

Goodwill impairment

132,128

Early extinguishment of debt

21,837

11,982

11,172

Distribution of earnings from investments in real estate partnerships

47,703

56,297

54,266

Settlement of derivative instrument

( 6,870

)

Deferred compensation expense

4,668

5,169

( 1,085

)

Realized and unrealized gain on investments

( 5,519

)

( 5,433

)

1,177

Changes in assets and liabilities:

Tenant and other receivables

16,944

( 4,690

)

( 26,374

)

Deferred leasing costs

( 6,973

)

( 6,777

)

( 8,366

)

Other assets

( 1,200

)

( 1,570

)

( 1,410

)

Accounts payable and other liabilities

997

4,175

( 760

)

Tenants’ security, escrow deposits and prepaid rent

( 3,650

)

829

11,793

Net cash provided by operating activities

499,118

621,271

610,327

Cash flows from investing activities:

Acquisition of operating real estate

( 16,867

)

( 222,444

)

( 85,289

)

Advance deposits refunded (paid) on acquisition of operating real estate

100

( 125

)

Real estate development and capital improvements

( 180,804

)

( 200,012

)

( 226,191

)

Proceeds from sale of real estate investments

189,444

137,572

250,445

Proceeds from property insurance casualty claims

7,957

9,350

(Issuance) collection of notes receivable

( 1,340

)

( 547

)

15,648

Investments in real estate partnerships

( 51,440

)

( 66,921

)

( 74,238

)

Return of capital from investments in real estate partnerships

32,125

63,693

14,647

Dividends on investment securities

353

660

531

Acquisition of investment securities

( 25,155

)

( 23,458

)

( 23,164

)

Proceeds from sale of investment securities

19,986

19,539

21,587

Net cash used in investing activities

( 25,641

)

( 282,693

)

( 106,024

)

78


2020

2019

2018

Cash flows from financing activities:

Net proceeds from common stock issuance

125,608

Repurchase of common units in conjunction with tax withholdings on equity award plans

( 5,512

)

( 6,204

)

( 6,772

)

Proceeds from treasury units issued as a result of treasury stock sold by Parent Company

269

9

99

Common shares repurchased through share repurchase program

( 32,778

)

( 213,851

)

Distributions to limited partners in consolidated partnerships, net

( 2,770

)

( 3,367

)

( 4,526

)

Distributions to partners

( 301,903

)

( 391,649

)

( 376,755

)

Repayment of fixed rate unsecured notes

( 300,000

)

( 250,000

)

( 150,000

)

Proceeds from issuance of fixed rate unsecured notes, net

598,830

723,571

299,511

Proceeds from unsecured credit facilities

610,000

560,000

575,000

Repayment of unsecured credit facilities

( 830,000

)

( 785,000

)

( 490,000

)

Proceeds from notes payable

1,740

Repayment of notes payable

( 67,189

)

( 55,680

)

( 113,037

)

Scheduled principal payments

( 11,104

)

( 9,442

)

( 9,964

)

Payment of loan costs

( 5,063

)

( 7,019

)

( 9,448

)

Early redemption costs

( 21,755

)

( 10,647

)

( 10,491

)

Net cash used in financing activities

( 210,589

)

( 268,206

)

( 508,494

)

Net increase (decrease) in cash and cash equivalents and restricted cash

262,888

70,372

( 4,191

)

Cash, cash equivalents, and restricted cash at beginning of the year

115,562

45,190

49,381

Cash, cash equivalents, and restricted cash at end of the year

$

378,450

115,562

45,190

Supplemental disclosure of cash flow information:

Cash paid for interest (net of capitalized interest of $ 4,355 , $ 4,192 , and $ 7,020 in 2020, 2019, and 2018, respectively)

$

151,338

136,139

136,645

Cash paid (received) for income taxes, net of refunds

$

1,870

1,225

5,455

Supplemental disclosure of non-cash transactions:

Common stock issued by Parent Company for partnership units exchanged

$

1,275

25,870

Acquisition of real estate previously held within investments in real estate partnerships

$

5,986

Mortgage loans for the acquisition of real estate

$

16,359

26,152

9,700

Mortgage loan assumed by purchaser with the sale of real estate

$

8,250

Change in fair value of securities available-for-sale

$

315

660

( 206

)

Change in accrued capital expenditures

$

12,166

10,704

Common stock issued by Parent Company for dividend reinvestment plan

$

1,139

1,429

1,333

Stock-based compensation capitalized

$

1,119

2,325

3,509

Common stock and exchangeable operating partnership

dividends declared but not yet paid

$

101,412

(Distributions to) Contributions from limited partners in consolidated partnerships, net

$

( 1,512

)

66

13,000

Common stock issued for dividend reinvestment in trust

$

819

987

841

Contribution of stock awards into trust

$

1,524

2,582

1,314

Distribution of stock held in trust

$

1,052

197

524

See accompanying notes to consolidated financial statements.


79


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

1.

Su mmary of Significant Accounting Policies

(a)

Organization and Principles of Consolidation

General

Regency Centers Corporation (the “Parent Company”) began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development and redevelopment of shopping centers through the Operating Partnership, has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of  December 31, 2020, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the “Company” or “Regency”) owned 297 properties and held partial interests in an additional 114 properties through unconsolidated Investments in real estate partnerships (also referred to as “joint ventures” or “co-investment partnerships”).

Estimates, Risks, and Uncertainties

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company’s financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, goodwill, and acquired lease intangible assets and acquired lease intangible liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken.

COVID-19 Pandemic

On March 11, 2020, the novel coronavirus disease (“COVID-19”) was declared a pandemic (“COVID-19 pandemic” or the “pandemic”) by the World Health Organization as the disease spread throughout the world.  The pandemic continues to evolve, making the broader implications on the Company’s future results of operations and overall financial performance uncertain at this time.  While much of the Company’s lease income is derived from contractual rent payments, the tenants’ ability to meet their lease obligations have been negatively impacted by the disruptions and uncertainties of the pandemic.  The tenants’ ability to respond to these disruptions, including adapting to governmental orders or recommendations and changes in their customers’ shopping habits and behaviors, will influence the tenants’ ability to survive and ultimately fulfill their lease obligations.  While the announcement of vaccine approvals by the U.S. Food and Drug Administration (“FDA”) in early December 2020 was a positive development, at about the same time, several states and many localities reinstituted mandatory business limitations and closures as cases spiked again, in advance of full scale vaccine deployment.  Further, forced closures may occur as cases spike or additional strains of the virus emerge, while the speed of vaccine rollout remains uncertain.

Due to the pandemic, certain tenants have requested rent concessions or have sought to renegotiate future rents based on changes to the economic environment.  Other tenants have chosen not to reopen or honor the terms of their existing lease agreements. In addition, in 2020 we saw a meaningful spike in the number of bankruptcy filings by our tenants versus prior years, which in certain cases can lead to a tenant “rejecting” (terminating) one or more of our leases as permitted by applicable bankruptcy law, or seeking to negotiate reduced rent as part of the bankruptcy reorganization process.

The Company is closely monitoring its cash collections from its tenants which significantly declined from historic levels at the start of the pandemic but have since gradually improved. As of February 8, 2021, we experienced sequential improvement in our collection rates of Pro-rata base rent billed by quarter in 2020 as follows:

Q2

Q3

Q4

Base Rent Collections

79 %

89 %

92 %

Since the pandemic began, the Company has executed approximately 1,600 rent deferral agreements within its consolidated and unconsolidated real estate portfolio.  The weighted average deferral period of these agreements is approximately 3.3 months, with repayment periods of approximately 9.7 months beginning in December 2020.  The Company expects to continue to work with tenants to address the adverse impacts of the pandemic, which may result in further rent deferrals, concessions or abatements.  As a result, there can be no assurance that our base rent collection percentages will continue at or

80


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

above Q4 2020 levels, or that cash flows from operations will be sufficient to sustain and fund the Company’s dividend payments without the benefit of other sources of capital or changes to its current dividend levels . In the event of a surge in COVID-19 cases or new governmental restrictions causing our tenants to reduce their operations or close, our base rent collection percentages and percent leased could decline from recent 2020 levels.

New leasing activity declined in 2020 and is expected to remain below 2019 levels into 2021 as businesses delay executing leases amidst the immediate and uncertain future economic impacts of the pandemic.  This, coupled with tenant failures and bankruptcies, may result in decreased demand for space in our centers, which could result in pricing pressure on rents.  Additionally, if construction of tenant improvements are delayed due to the impacts of the pandemic, it may take longer before new tenants are able to open and commence rent payments, or attract new tenants.

The pandemic has adversely impacted the Company’s ability to start or complete tenant buildouts, new ground up development, or redevelopment of existing properties.  The pandemic has also impacted the Company’s ability to timely source materials for construction and has caused labor shortages which have impacted its ability to complete construction projects on anticipated schedules.  In the event a surge in new cases resulting in additional lockdowns occurs, similar impacts to the Company’s supply chain may arise which could have a material adverse effect on the Company’s business, financial condition and results of operation.  The Company continues to closely monitor its projects, which has resulted in prudently delaying, phasing or curtailing certain in-process and planned development, redevelopment and capital expenditure projects.

The duration and severity of the pandemic across the United States will continue to negatively impact many of the Company’s tenants, and their ability to meet their rent obligations under their lease agreements with the Company.  As such, the impact from the pandemic could still negatively impact the Company’s results of operations and financial condition in the future.

Our business continuity and disaster recovery plan enabled us to continue operating productively during the pandemic.  We have maintained, and expect to continue to maintain, without interruption, our financial reporting systems as well as our internal controls over our financial reporting and disclosure controls and procedures.

Consolidation

The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements.

The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of variable interest entities (“VIEs”) and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

81


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Ownership of the Parent Company

The Parent Company has a single class of common stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2020, the Parent Company owned approximately 99.6 %, or 169,680,138 , of the 170,445,184 outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets (i.e. registered shares of the Parent).  The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock.  Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income.  The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.

Real Estate Partnerships

Regency has a partial ownership interest in 124 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “Limited Partners”). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property and asset management services to the partnerships. The Partners’ level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships or additional contributions by the partners.

Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.

o

Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest.

o

Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. Distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment has resulted in a negative investment balance for one partnership, which is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.

The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years .

82


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Those partnerships for which the Partners only have protective rights are considered VIEs under ASC Topic 810, Consolidation . Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships , and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests.

The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans.

The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:

(in thousands)

December 31, 2020

December 31, 2019

Assets

Net real estate investments (1)

$

127,240

325,464

Cash, cash equivalents, and restricted cash (1)

4,496

57,269

Liabilities

Notes payable

6,340

17,740

Equity

Limited partners’ interests in consolidated partnerships

28,685

30,655

(1)

Included in the December 31, 2019 balances were real estate assets and cash held in Section 1031 like-kind exchanges, of which none remained at December 31, 2020.

Noncontrolling Interests

Noncontrolling Interests of the Parent Company

The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.

Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.

Noncontrolling Interests of the Operating Partnership

The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other member’s interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital.  The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.

(b)

Revenues and Tenant Receivable

Leasing Income and Tenant Receivables

The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease.  Some of the lease agreements contain provisions that provide for

83


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

additional rents based on tenants' sales volume ( percentage rent ) , which are recognized when the tenants achieve the specified targets as defined in their lease agreements.  Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes, insurance and common area maintenance (“CAM”) costs (collectively Recoverable Costs ) incurred.

Lease terms generally range from three to seven years for tenant space under 10,000 square feet (“Shop Space”) and in excess of five years for spaces greater than 10,000 square feet (“Anchor Space”).  Many leases also provide the option for the tenants to extend their lease beyond the initial term of the lease.  If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be leased to a new tenant.  This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement.

On January 1, 2019, the Company adopted the new accounting guidance in Accounting Standards Codification (“ASC”) Topic 842, Leases, including all related Accounting Standard Updates (“ASU”).  Prior to that, the Company applied ASC Topic 840, Leases , which required similar straight line lease income and expense recognition, and allowed initial indirect leasing costs to be deferred, but did not require balance sheet recognition of Right of use assets or Lease liabilities.

Classification

Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company’s leases, are classified as operating leases, similar to the Company’s lease classification under the previous Topic 840.  However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition.  At December 31, 2020, all of the Company’s leases were classified as operating leases.  See the pandemic discussion that follows for unique considerations amidst the pandemic.

Recognition and Presentation

CAM is a non-lease component of the lease contract under Topic 842, and therefore recognition for these CAM expenses would be accounted for under Topic 606, Revenue from Contracts with Customers , and presented separate from Lease income in the Consolidated Statements of Operations, based on an allocation of the overall consideration in the lease contract, which is not necessarily the amount that would be billable to the tenants for CAM reimbursements per the terms of the lease contract.  As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenants' use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenants' reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.

Collectibility

Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date.  At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis.  For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection.  In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience.

The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms.  Beginning with the adoption of ASC 842, Leases, on January 1, 2019, uncollectible lease income is a direct charge against Lease income.  Prior to 2019, uncollectible lease income was recorded in Other operating expenses, while uncollectible straight line rent was recorded as a charge to Lease income.

84


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

COVID-19 Pandemic and Rent Concessions

During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between tenants and landlords, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19.  In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract.  This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee.  The Company has elected to treat concessions that satisfy this criteria as though the concession was part of the existing contract and therefore not treated like a lease modification.

Since the pandemic began, the Company has executed approximately 1,600 rent deferral agreements representing $ 40.8 million of rent or 4.6 % of Pro-rata annual base rent, within its consolidated and unconsolidated real estate portfolio.  The weighted average deferral period of these agreements is approximately 3.3 months , with repayment periods of approximately 9.7 months beginning in December 2020.  The Company will continue to negotiate with some tenants, which may result in further rent concessions as determined necessary and appropriate.  Collectibility assessment of these concessions generally includes consideration of the tenants’ business performance, ability to sustain their business in the current environment, as well as an assessment of their credit worthiness and ability to repay such amounts in the future.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:

December 31,

(in thousands)

2020

2019

Tenant receivables

$

39,658

35,526

Straight-line rent receivables

86,615

107,087

Other receivables (1)

17,360

26,724

Total tenant and other receivables, net

$

143,633

169,337

( 1 )

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Real Estate Sales

The Company accounts for sales of nonfinancial assets under Subtopic 610-20, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. Any retained noncontrolling interest is measured at fair value at that time. The adoption this Subtopic 610-20 on January 1, 2018, resulted in the recognition, through opening retained earnings, of $ 30.9 million of previously deferred gains from property sales to the Company's Investments in real estate partnerships.

Management Services and Other Property Income

The Company recognizes revenue under Topic 606, Revenue from Contracts with Customers, when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.

Property and Asset Management Services

The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.

85


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events . The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. The Company did not recognize any promote revenue during the years ended December 31, 2020 , 2019 , or 2018 .

Leasing Services

Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing.

Transaction Services

The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

Other Property Income

Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

All income from contracts with the Company’s real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations.  The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:

Year ended December 31,

(in thousands)

Timing of

satisfaction of

performance

obligations

2020

2019

2018

Management, transaction, and other fees:

Property management services

Over time

$

14,444

14,744

14,663

Asset management services

Over time

6,963

7,135

7,213

Leasing services

Point in time

3,150

3,692

4,044

Other transaction fees

Point in time

1,944

4,065

2,574

Total management, transaction, and other fees

$

26,501

29,636

28,494

The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 9.9 million and $ 11.6 million, as of December 31, 2020 and 2019, respectively.

(c)

Real Estate Investments

The following table details the components of Real estate assets in the Consolidated Balance Sheets:

(in thousands)

December 31, 2020

December 31, 2019

Land

$

4,230,989

$

4,288,695

Land improvements

630,264

607,624

Buildings

5,083,660

5,101,061

Building and tenant improvements

997,704

946,034

Construction in progress

159,241

151,880

Total real estate assets

$

11,101,858

11,095,294

86


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Capitalization and Depreciation

Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense.

As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.

Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment.

Development and Redevelopment Costs

Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, development / redevelopment costs, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development or redevelopment.

Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center.  As of December 31, 2020 and 2019, the Company had nonrefundable deposits and other pre development costs of approximately $ 25.3 million and $ 17.7 million, respectively.  If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.  During the years ended December 31, 2020, 2019, and 2018, the Company expensed pre-development costs of approximately $ 10.5 million, $ 2.5 million, and $ 1.9 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.

Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs expended. The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell.  During the years ended December 31, 2020, 2019, and 2018, the Company capitalized interest of $ 4.4 million, $ 4.2 million, and $ 7.0 million, respectively, on our development and redevelopment projects.

We have a staff of employees directly supporting our development and redevelopment program.  All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project.  The capitalization of costs is directly related to the actual level of development activity occurring.  During the years ended December 31, 2020, 2019, and 2018, we capitalized $ 10.2 million, $ 20.4 million, and $ 17.1 million, respectively, of direct internal costs incurred to support our development and redevelopment program.

Acquisitions

The Company generally accounts for operating property acquisitions as asset acquisitions. The Company capitalizes transaction costs associated with asset acquisitions and expenses transaction costs associated with business combinations. Both asset acquisitions and business combinations require that the Company recognize and measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the operating property acquired (“acquiree”).

The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.

87


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.

Held for Sale

The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell.

Impairment

We evaluate whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. For those properties with such indicators, management evaluates recoverability of the property's carrying amount. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, anticipated hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.

The fair value of real estate assets is subjective and is determined through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors, and therefore is subject to management judgment and changes in those factors could impact the determination of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies indicators that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the fair value of the investment by discounting estimated future cash flows over the expected term of the investment.

Tax Basis

The net book basis of the Company's real estate assets exceeds the net tax basis by approximately $ 2.7 billion and $ 2.8 billion at December 31, 2020 and 2019, respectively, primarily due to the tax free merger with Equity One and inheriting lower carryover tax basis.

88


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

(d)

Cash, Cash Equivalents, and Restricted Cash

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2020 and 2019, $ 2.4 million and $ 2.5 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.

(e)

Other Assets

Goodwill

Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur.  See note 5.

The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.

The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Investments

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.

Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.

Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations.

(f)

Deferred Leasing Costs

Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.

The adoption of Topic 842 on January 1, 2019, changed the treatment of leasing costs, such that non-contingent internal leasing and legal costs associated with leasing activities can no longer be capitalized.  The Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant’s operating lease that would not have been incurred if the lease had not been obtained.  These costs generally consist of third party broker payments.

(g)

Derivative Financial Instruments

The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's

89


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) (“AOCI”). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.

In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

(h)

Income Taxes

The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT. The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.6 % owner, is allocated its Pro-rata share of tax attributes.

The Company accounts for income taxes related to its TRS’s under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination.

In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2016 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.

90


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The Coronavirus Aid, Relief, and Economic Security ("CARES") Act was signed into U.S. law on March 27, 2020 and provided an estimated $ 2.2 trillion to fight the COVID-19 pandemic and stimulate the U.S. economy. The assistance includes tax relief and government loans, grants and investments for entities in affected industries. The Company is currently evaluating the programs and tax benefits that may apply to its operations including the corporate net operating loss carryback, increases in the interest expense limitation, employee retention credit, and deferrals of both employer payroll taxes and corporate estimated taxes.

(i)

Lease Obligations

The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases.  Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.  The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business.   Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.

Upon the adoption of Topic 842, the Company recognized Lease liabilities on its Consolidated Balance Sheets for its ground and office leases of $ 225.4 million at January 1, 2019, and corresponding Right of use assets of $ 297.8 million, net of or including the opening balance for straight-line rent and above / below market ground lease intangibles related to these same ground and office leases.  A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease.  This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.

The ground and office lease expenses continue to be recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods.  For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.

(j)

Earnings per Share and Unit

Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.

( k )

Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors. The Company recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.

When the Parent Company issues common stock as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.

(l )

Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is

91


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

( m )

Business Concentration

Grocer anchor tenants represent approximately 20 % of Pro-rata annual base rent. No single tenant accounts for 5 % or more of revenue and none of the shopping centers are located outside the United States.

( n )

Fair Value of Assets and Liabilities

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a remeasurement event occurs.

92


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

( o )

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:

Standard

Description

Date of adoption

Effect on the financial statements or other significant matters

Recently adopted:

Accounting Standard Updates (“ASU”) 2016-13, June 2016, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

This ASU also applies to how the Company evaluates impairments of any available-for-sale debt securities and any non-operating lease receivables arising from leases classified as sales-type or direct finance leases.

January 2020

The Company has completed its evaluation and adoption of this standard, which resulted in changes in evaluating impairment of its available-for-sale debt securities.  Declines in fair value below amortized cost resulting from credit related factors will be reflected in earnings, within Net investment income in the accompanying Consolidated Statements of Operations.  Changes in value from market related factors continue to be recognized in Other comprehensive income (“OCI”).

The Company’s investments in available-for-sale debt securities are invested in investment grade quality holdings or U.S. government backed securities, and are well diversified.  During the year ended December 31, 2020, the Company did not recognize any allowance for credit loss.

Additionally, the Company’s non-operating lease receivables experienced no credit losses during the year ended December 31, 2020, and the Company has no other financial instruments, such as lease receivables arising from sales-type or direct finance leases, subject to this ASU.

ASU 2018-19, November 2018: Codification Improvements to Topic 326, Financial Instruments - Credit Losses

This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20.  Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases.

January 2020

The Company has completed its evaluation and adoption of this standard with no additional changes in its accounting for operating leases and related receivables.

ASU 2018-13, August 2018: Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurements , including the removal and modification of certain existing disclosures, and the additional of new disclosures.

January 2020

The Company has completed its evaluation and adoption of this new standard.  The Company does not have any assets or liabilities measured to fair value requiring modified disclosures at December 31, 2020.  See note 11 for fair value disclosures

93


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Standard

Description

Date of adoption

Effect on the financial statements or other significant matters

Recently adopted:

ASU 2018-15, August 2018, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The ASU provides further clarification of the appropriate presentation of capitalized costs, the period over which to recognize the expense, the presentation within the Statements of Operations and Statements of Cash Flows, and the disclosure requirements.

January 2020

The Company has completed its evaluation and adoption of this standard.  Qualifying implementation costs incurred in a cloud computing arrangement that is a service contract are no longer expensed as incurred but rather are deferred within Other assets and amortized to earnings, within General and administrative expense in the accompanying Consolidated Statements of Operations, over the term of the arrangement.  Cash flows attributable to the service arrangements, including implementation thereof, are reflected as Operating cash flows within the Consolidated Statements of Cash Flows.

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts.   The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.

March 2020 through December 31, 2022

The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives.  Application of these expedients preserves the presentation of derivatives consistent with past presentation.  As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable.

Not yet adopted:

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes , and also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance.

Notable changes of potential impact include income-based franchise taxes and interim period recognition of enacted changes in tax laws or rates.

January 2021

The Company has evaluated this update and determined it will not have a material impact to its financial condition, results of operations, cash flows or related footnote disclosures.

94


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

2. Real Estate Investments

Acquisitions

The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below:

(in thousands)

December 31, 2020

Date

Purchased

Property Name

City/State

Property

Type

Ownership

Purchase

Price

Debt

Assumed,

Net of

Premiums

Intangible

Assets

Intangible

Liabilities

1/1/20

Country Walk Plaza (1)

Miami, FL

Operating

100 %

$

39,625

16,359

3,294

2,452

(1)

The purchase price presented above reflects the purchase price for 100 % of the property, of which the Company previously owned a 30 % equity interest prior to acquiring the other partner’s interest and gaining control .

(in thousands)

December 31, 2019

Date

Purchased

Property Name

City/State

Property

Type

Ownership

Purchase

Price

Debt

Assumed,

Net of

Premiums

Intangible

Assets

Intangible

Liabilities

1/8/19

Pablo Plaza (1)

Jacksonville, FL

Operating

100 %

$

600

2/8/19

Melrose Market

Seattle, WA

Operating

100 %

15,515

941

358

6/18/19

The Field at Commonwealth Ph II (2)

Chantilly, VA

Development

100 %

4,083

6/21/19

Culver Public Market

Culver City, CA

Development

100 %

1,279

6/28/19

6401 Roosevelt

Seattle, WA

Operating

100 %

3,550

7/1/19

The Pruneyard

Campbell, CA

Operating

100 %

212,500

16,991

5,833

9/17/19

Circle Marina Center

Long Beach, CA

Operating

100 %

50,000

3,717

962

Total property acquisitions

$

287,527

21,649

7,153

(1)

The Company purchased a 0.17 acre land parcel adjacent to the Company's existing operating Pablo Plaza for redevelopment.

(2)

The Company purchased The Field at Commonwealth Ph II, which is land adjacent to an existing operating property, for future development

3.

Property Dispositions

Dispositions

The following table provides a summary of consolidated shopping centers and consolidated land parcels disposed of during the periods set forth below:

Year ended December 31,

(in thousands, except number sold data)

2020

2019

2018

Net proceeds from sale of real estate investments

$

189,444

(1)

137,572

250,445

Gain on sale of real estate, net of tax

$

67,465

24,242

28,343

Provision for impairment of real estate sold

$

958

1,836

31,041

Number of operating properties sold

6

7

10

Number of land parcels sold

11

6

9

Percent interest sold

50% - 100%

100

%

100

%

( 1 )

Includes proceeds from repayment of a short-term note on the sale of one of the properties, issued at closing and repaid during the same three months ended March 31, 2020.

At December 31, 2020, the Company also had two properties classified within Properties held for sale on the Consolidated Balance Sheets.

95


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

4.

Investments in Real Estate Partnerships

The Company invests in real estate partnerships, which consist of the following:

December 31, 2020

(in thousands)

Regency's

Ownership

Number of

Properties

Total

Investment

Total Assets

of the

Partnership

The

Company's

Share of

Net Income

of the

Partnership

Net Income

of the

Partnership

GRI - Regency, LLC (GRIR)

40.00 %

67

$

179,728

1,583,097

25,425

56,244

New York Common Retirement Fund (NYC) (1)

30.00 %

4

27,627

205,332

488

4,241

Columbia Regency Retail Partners, LLC (Columbia I)

20.00 %

7

8,699

136,120

1,030

5,383

Columbia Regency Partners II, LLC (Columbia II)

20.00 %

13

37,882

377,246

1,045

5,103

Cameron Village, LLC (Cameron)

30.00 %

1

10,108

94,551

757

2,531

RegCal, LLC (RegCal)

25.00 %

6

25,908

107,283

1,296

5,397

US Regency Retail I, LLC (USAA) (2)

20.01 %

7

85,006

790

3,948

Other investments in real estate partnerships (3)

35.00% - 50.00%

9

177,203

478,592

3,338

8,574

Total investments in real estate partnerships

114

$

467,155

3,067,227

34,169

91,421

(1)

On January 1, 2020, the Company purchased the remaining 70 % of a property owned by the NYC partnership (Country Walk Plaza), as discussed in note 2, and therefore all earnings of this property are included in consolidated results from the date of acquisition and excluded from partnership earnings.

( 2 )

The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment, resulting in a negative investment balance of $ 4.4 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.

(3 )

In January 2020, the Company purchased an additional 16.62 % interest in Town and Country Shopping Center, bringing its total ownership interest to 35 %.

December 31, 2019

(in thousands)

Regency's

Ownership

Number of

Properties

Total

Investment

Total Assets

of the

Partnership

The

Company's

Share of

Net Income

of the

Partnership

Net Income

of the

Partnership

GRI - Regency, LLC (GRIR)

40.00 %

68

$

187,597

1,612,459

43,536

96,721

New York Common Retirement Fund (NYC) (1)

30.00 %

6

41,422

260,512

( 9,967

)

( 5,832

)

Columbia Regency Retail Partners, LLC (Columbia I)

20.00 %

7

9,201

139,253

1,626

8,406

Columbia Regency Partners II, LLC (Columbia II)

20.00 %

13

39,453

385,960

1,748

8,742

Cameron Village, LLC (Cameron)

30.00 %

1

10,641

96,101

1,062

3,572

RegCal, LLC (RegCal)

25.00 %

6

26,417

109,226

3,796

16,276

US Regency Retail I, LLC (USAA) (2)

20.01 %

7

87,231

1,028

5,137

Other investments in real estate partnerships (3)

18.38% - 50.00%

8

154,791

468,142

18,127

38,182

Total investments in real estate partnerships

116

$

469,522

3,158,884

60,956

171,204

(1)

During the third quarter of 2019, a $ 10.9 million impairment of real estate was recognized within the NYC partnership from changes in the expected hold periods of various properties.

(2)

The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment resulting in a negative investment balance of $ 3.9 million, which is recorded within Accounts Payable and other liabilities in the Consolidated Balance Sheets.

(3)

Includes our investment in the Town and Country shopping center, which began with an initial 9.38 % ownership percent in 2018, with an additional 9.0 % interest acquired during 2019.

96


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:

December 31,

(in thousands)

2020

2019

Investments in real estate, net

$

2,817,713

2,917,415

Acquired lease intangible assets, net

32,607

40,549

Other assets

216,907

200,920

Total assets

$

3,067,227

3,158,884

Notes payable

$

1,557,043

1,577,467

Acquired lease intangible liabilities, net

33,223

44,387

Other liabilities

97,321

96,388

Capital - Regency

509,873

508,875

Capital - Third parties

869,767

931,767

Total liabilities and capital

$

3,067,227

3,158,884

The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet:

December 31,

(in thousands)

2020

2019

Capital - Regency

$

509,873

508,875

Basis difference

( 47,119

)

( 43,296

)

Negative investment in USAA (1)

4,401

3,943

Investments in real estate partnerships

$

467,155

469,522

(1)

The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:

Year ended December 31,

(in thousands)

2020

2019

2018

Total revenues

$

381,094

417,053

414,631

Operating expenses:

Depreciation and amortization

101,590

97,844

99,847

Operating and maintenance

65,146

65,811

66,299

General and administrative

5,870

6,201

5,697

Real estate taxes

53,747

53,410

54,119

Other operating expenses

3,126

2,709

2,700

Total operating expenses

$

229,479

225,975

228,662

Other expense (income):

Interest expense, net

66,786

75,449

73,508

Gain on sale of real estate

( 7,146

)

( 64,798

)

( 16,624

)

Early extinguishment of debt

554

Provision for impairment, net of tax

9,223

Total other expense (income)

60,194

19,874

56,884

Net income of the Partnerships

$

91,421

171,204

129,085

The Company's share of net income of the Partnerships

$

34,169

60,956

42,974

97


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships during 2020, which had no such acquisitions in 2019:

(in thousands)

Year ended December 31, 2020

Date

Purchased

Property

Name

City/State

Property

Type

Co-investment

Partner

Ownership

%

Purchase

Price

Debt

Assumed,

Net of

Premiums

Intangible

Assets

Intangible

Liabilities

11/13/20

Eastfield at Baybrook

Houston, TX

Development

Other

50.00 %

$

4,491

Dispositions

The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships:

Year ended December 31,

(in thousands)

2020

2019

2018

Proceeds from sale of real estate investments

$

27,974

142,754

27,144

Gain on sale of real estate

$

7,147

64,798

16,624

The Company's share of gain on sale of real estate

$

2,413

29,422

3,608

Number of operating properties sold

2

4

1

Number of land out-parcels sold

2

Notes Payable

Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2020, were as follows:

(in thousands)

Scheduled Principal Payments and Maturities by Year:

Scheduled

Principal

Payments

Mortgage

Loan

Maturities

Unsecured

Maturities

Total

Regency’s

Pro-Rata

Share

2021

$

11,257

333,068

15,635

359,960

124,100

2022

7,736

254,873

262,609

97,465

2023

3,196

171,608

174,804

65,137

2024

1,796

33,690

35,486

14,217

2025

2,168

146,000

148,168

44,853

Beyond 5 Years

10,859

574,321

585,180

191,940

Net unamortized loan costs, debt premium / (discount)

( 9,164

)

( 9,164

)

( 3,054

)

Total notes payable

$

37,012

1,504,396

15,635

1,557,043

534,658

These fixed and variable rate loans are all non-recourse to the partnerships, and mature through 2034 , with 91.5 % having a weighted average fixed interest rate of 4.1 %. The remaining notes payable float over LIBOR and had a weighted average variable interest rate of 2.4 % at December 31, 2020. Maturing loans will be repaid from proceeds from refinancing, partner capital contributions, or a combination thereof. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call.

Management fee income

In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees, as follows:

Year ended December 31,

(in thousands)

2020

2019

2018

Asset management, property management, leasing, and investment and financing services

$

26,618

28,878

27,873

98


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

5.

Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets:

(in thousands)

December 31, 2020

December 31, 2019

Goodwill

$

173,868

307,434

Investments

60,692

50,354

Prepaid and other

17,802

18,169

Derivative assets

2,987

Furniture, fixtures, and equipment, net

6,560

7,098

Deferred financing costs, net

2,524

4,687

Total other assets

$

261,446

390,729

The following table presents the goodwill balances and activity during the year to date periods ended:

December 31, 2020

December 31, 2019

(in thousands)

Goodwill

Accumulated

Impairment

Losses

Total

Goodwill

Accumulated

Impairment

Losses

Total

Beginning of year balance

$

310,388

( 2,954

)

307,434

316,858

( 2,715

)

314,143

Goodwill allocated to Provision for impairment

( 132,179

)

( 132,179

)

( 2,954

)

( 2,954

)

Goodwill allocated to Properties held for sale

( 1,191

)

1,191

( 2,472

)

( 2,472

)

Goodwill associated with disposed reporting units:

Goodwill allocated to Provision for impairment

( 1,779

)

1,779

Goodwill allocated to Gain on sale of real estate

( 1,784

)

397

( 1,387

)

( 2,219

)

936

( 1,283

)

End of year balance

$

307,413

( 133,545

)

173,868

310,388

( 2,954

)

307,434

As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale.  A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment.  Additionally, other changes impacting a reporting unit may be considered a triggering event.  If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.

During the three months ended March 31, 2020, the Company recognized $ 132.2 million of Goodwill impairment.  The market disruptions related to the significant economic impacts of the pandemic triggered evaluation of reporting unit fair values for goodwill impairment.  The Company’s reporting units are at the individual property level.  The carrying value of long-lived assets within each of the reporting units were first tested for recoverability with no resulting impairments.  Next, the fair value of each reporting unit was compared to its carrying value, including goodwill.  Of the 269 reporting units with goodwill, 87 of those were determined to have fair values lower than carrying value.  As such, goodwill impairment losses totaling $132.2 million were recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to that reporting unit.  Fair values of the reporting units were determined using a discounted cash flow approach, including then current market cash flow assumptions for impacts to existing tenant contractual rent as well as prospective future rent and percent leased changes and related capital and operating expenditures.  The cap rates and discount rates used in the analysis reflect management’s best estimate of market rates adjusted for the current environment. No additional Goodwill impairments were recognized after March 31, 2020, including as a result of the Company’s annual goodwill impairment evaluation in November 2020.

99


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

6.

Acquired Lease Intangibles

The Company had the following acquired lease intangibles:

December 31,

(in thousands)

2020

2019

In-place leases

$

414,298

$

438,188

Above-market leases

59,381

63,944

Total intangible assets

473,679

502,132

Accumulated amortization

( 284,880

)

( 259,310

)

Acquired lease intangible assets, net

$

188,799

242,822

Below-market leases

523,678

558,936

Accumulated amortization

( 145,966

)

( 131,676

)

Acquired lease intangible liabilities, net

$

377,712

427,260

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:

Year ended December 31,

(in thousands)

2020

2019

2018

Line item in Consolidated Statements of Operations

In-place lease amortization

$

48,297

60,250

76,649

Depreciation and amortization

Above-market lease amortization

7,658

9,112

10,433

Lease income

Below-market ground lease amortization (1)

1,688

Operating and maintenance

Acquired lease intangible asset amortization

$

55,955

69,362

88,770

Below-market lease amortization

$

50,103

54,730

45,561

Lease income

Above-market ground lease amortization (1)

94

Operating and maintenance

Acquired lease intangible liability amortization

$

50,103

54,730

45,655

(1)

On January 1, 2019, the Company adopted the new accounting guidance in ASC Topic 842, Leases, including all related ASUs, and correspondingly reclassified Below-market ground leases and Above-market ground leases against the Company’s Right of use asset, where they continue to be amortized to Operating and maintenance in the accompanying Consolidated Statements of Operations.

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:

(in thousands)

In Process Year Ending

December 31,

Amortization of

In-place lease intangibles

Net accretion of Above

/ Below market lease

intangibles

2021

$

31,120

$

24,237

2022

24,137

22,265

2023

19,580

21,183

2024

15,364

19,122

2025

12,604

18,540

7.

Leases

Lessor Accounting

All of the Company’s leases are classified as operating leases.  The Company's Lease income is comprised of both fixed and variable income.  Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance. Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

(i)

Recoveries from tenants represents amounts which tenants are contractually obligated to reimburse the Company for the tenants’ portion of actual Recoverable Costs incurred.  Generally the Company’s leases provide for the tenants to

100


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

reimburse the Company based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property.

(ii)

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:

(in thousands)

December 31, 2020

December 31, 2019

Operating lease income

Fixed and in-substance fixed lease income

$

807,603

813,444

Variable lease income

247,384

247,861

Other lease related income, net:

Above/below market rent and tenant rent inducement amortization, net

42,219

45,392

Uncollectible straight line rent

( 34,673

)

( 7,002

)

Uncollectible amounts billable in lease income

( 82,367

)

( 5,394

)

Total lease income

$

980,166

1,094,301

During the year ended December 31, 2020, the Company experienced a higher rate of uncollectible lease income driven by changes in expectations of collectibility of both past due rents and recoveries and future rent steps given the impact of the pandemic on our tenants.

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:

(in thousands)

For the year ended December 31,

December 31, 2020

2021

$

754,396

2022

676,083

2023

578,023

2024

480,768

2025

372,377

Thereafter

1,329,274

Total

$

4,190,921

Lessee Accounting

The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.

The Company has 22 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties.  Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.  These ground leases expire through the year 2101 , and in most cases, provide for renewal options.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business.  Office leases expire through the year 2029 , and in many cases, provide for renewal options.

101


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The ground and office lease expense is recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

(in thousands)

December 31, 2020

December 31, 2019

Fixed operating lease expense

Ground leases

$

13,716

13,982

Office leases

4,334

4,229

Total fixed operating lease expense

18,050

18,211

Variable lease expense

Ground leases

1,044

1,693

Office leases

585

552

Total variable lease expense

1,629

2,245

Total lease expense

$

19,679

20,456

Cash paid for amounts included in the measurement of operating lease liabilities

Operating cash flows for operating leases

$

15,003

14,815

Operating lease expense under the Company's ground and office leases was $ 19.7 million, $ 20.5 million and $ 19.1 million for the years ended December 31, 2020, 2019, and 2018 respectively, which includes fixed and variable rent expense.

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities under ground and office leases as of December 31, 2020, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:

(in thousands)

Lease Liabilities

For the year ended December 31,

Ground Leases

Office Leases

Total

2021

$

10,778

4,654

15,432

2022

10,837

3,379

14,216

2023

11,054

2,580

13,634

2024

11,103

2,114

13,217

2025

11,106

1,961

13,067

Thereafter

542,184

2,777

544,961

Total undiscounted lease liabilities

$

597,062

17,465

614,527

Present value discount

( 392,848

)

( 1,289

)

( 394,137

)

Lease liabilities

$

204,214

16,176

220,390

Weighted average discount rate

5.2

%

3.8

%

Weighted average remaining term (in years)

48.1

5.0

8 .

Income Taxes

The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary (“TRS”) entities, which are subject to federal and state income taxes.

The following table summarizes the tax status of dividends paid on our common shares:

Year ended December 31,

(in thousands)

2020

2019

2018

Dividend per share

$

2.19

(1)

2.34

2.22

Ordinary income

100

%

97

%

98

%

Capital gain

%

3

%

%

Qualified dividend income

%

%

2

%

Section 199A dividend

100

%

97

%

98

%

(1) During 2020, the Company declared four quarterly dividends, the last of which was paid on January 5, 2021, with a portion allocated to the 2020 dividend period, and the balance allocated to 2021.

102


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2020, 2019, and 2018 was as follows:

Year ended December 31,

(in thousands)

2020

2019

2018

Income tax expense (benefit):

Current

$

2,157

1,576

5,667

Deferred

( 891

)

( 331

)

( 5,145

)

Total income tax expense (benefit) (1)

$

1,266

1,245

522

(1)

Includes $( 355,000 ), $ 757,000 and $ 706,000 of tax (benefit) expense presented within Other operating expenses during the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, $ 1.6 million, $ 488,000 , and ($ 184,000 ) of tax expense (benefit) is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, 2019, and 2018, respectively.

The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:

Year ended December 31,

(in thousands)

2020

2019

2018

Computed expected tax (benefit) expense

$

( 3,665

)

1,587

( 584

)

State income tax, net of federal benefit

( 593

)

650

636

Valuation allowance

1,043

( 91

)

( 392

)

Permanent items

5,079

( 819

)

1,067

All other items

( 598

)

( 82

)

( 205

)

Total income tax expense (1)

1,266

1,245

522

Income tax expense attributable to operations (1)

$

1,266

1,245

522

(1)

Includes ( $ 355,000 ), $ 757,000 , and $ 706,000 of tax (benefit) expense presented within Other operating expenses during the years ended December 31, 2020, 2019, and 2017, respectively. Additionally, $ 1.6 million, $ 488,000 , and ($ 184,000 ) of tax expense (benefit) is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, 2019 and 2018, respectively.

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:

December 31,

(in thousands)

2020

2019

Deferred tax assets

Provision for impairment

$

508

Deferred interest expense

1,341

Fixed assets

1,077

Net operating loss carryforward

109

106

Other

771

88

Deferred tax assets

2,465

1,535

Valuation allowance

( 2,465

)

( 680

)

Deferred tax assets, net

$

855

Deferred tax liabilities

Straight line rent

$

( 88

)

( 100

)

Fixed assets

( 12,943

)

( 14,404

)

Deferred tax liabilities

( 13,031

)

( 14,504

)

Net deferred tax liabilities

$

( 13,031

)

( 13,649

)

The net deferred tax liability decreased during 2020 due to sales and depreciation of properties at TRS entities. The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.

103


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

9 .

Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt consists of the following:

Maturing

Through

Weighted

Average

Contractual

Rate

Weighted

Average

Effective

Rate

December 31,

(in thousands)

2020

2019

Notes payable:

Fixed rate mortgage loans

10/1/2036

4.3 %

4.0 %

$

272,749

$

342,020

Variable rate mortgage loans (1)

6/2/2027

2.8 %

2.9 %

146,046

148,389

Fixed rate unsecured public and private debt

3/15/2049

3.8 %

4.0 %

3,239,609

2,944,752

Total notes payable

$

3,658,404

3,435,161

Unsecured credit facilities:

Line of Credit (2)

3/23/2022

1.0 %

1.4 %

$

$

220,000

Term Loan (3)

1/5/2022

2.0 %

2.1 %

264,680

264,383

Total unsecured credit facilities

$

264,680

484,383

Total debt outstanding

$

3,923,084

3,919,544

(1)

Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates.  The effective fixed rates of the loans range from 2.5 % to 4.1 %.

(2)

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance.  During February 2021, the Company amended its Line agreement to extend the maturity to March 23, 2025 retaining the same overall borrowing capacity of $ 1.25 billion and credit-based interest rate spread over LIBOR currently equal to 0.875 %.

( 3 )

In January 2021, the Company repaid in full the $ 265 million Term Loan, using cash on hand.

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2020, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.

Unsecured Credit Facilities

At December 31, 2020, the Company had an unsecured line of credit commitment (the “Line”) and an unsecured term loan (the “Term Loan”) under separate credit agreements with a syndicate of banks.

At December 31, 2020, the Line had a borrowing capacity of $ 1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875 % and is subject to a commitment fee of 0.15 %, both of which are based on the Company's corporate credit rating.

On February 9, 2021, the Company entered into an Amended and Restated Credit Agreement, which among other items, i) retains a borrowing capacity of $ 1.25 billion, ii) includes a $ 125 million sublimit for swingline loans and $ 50 million available for issuance of letters of credits, iii) extends the maturity date to March 23, 2025 and iv) includes an option to extend the maturity date for two six-month periods.  The existing financial covenants under the Line remained unchanged.

The Term Loan bears interest at a variable rate based on LIBOR plus 0.95 % and has an interest rate swap in place to fix the interest rate at 2.0 %, as discussed further in note 10.  During January 2021, the Company repaid in full the $ 265 million Term Loan, and settled its related interest rate swap, as discussed in Note 10.

104


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The Company is required to comply with certain financial covenants as defined in the Line and Term Loan credit agreements, such as Ratio of Indebtedness to Total Asset Value ( TAV ), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured fin ancing. As of December 31, 2020 , t he Company is in compliance with all financial covenants for the Line and Term Loan.

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:

(in thousands)

December 31, 2020

Scheduled Principal Payments and Maturities by Year:

Scheduled

Principal

Payments

Mortgage

Loan

Maturities

Unsecured

Maturities (1)

Total

2021

$

11,598

$

31,562

$

43,160

2022

11,797

5,848

265,000

(2)

282,645

2023

10,124

65,724

75,848

2024

5,301

90,744

250,000

346,045

2025

4,207

40,000

250,000

294,207

Beyond 5 Years

17,505

121,303

2,775,000

2,913,808

Unamortized debt premium/(discount) and issuance costs

3,082

( 35,711

)

( 32,629

)

Total notes payable

$

60,532

358,263

3,504,289

3,923,084

(1)

Includes unsecured public and private debt and unsecured credit facilities.

( 2 )

In January 2021, the Company repaid in full the $ 265 million Term Loan.

The Company has $ 31.6 million of debt maturing over the next twelve months, which is in the form of non-recourse mortgage loans. The Company currently intends to repay the maturing balances and leave the properties unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary.

10 .

Derivative Financial Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings.  The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.  The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management.  The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements.  To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings.  The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements.  To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy.  Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.


105


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:

Fair Value at December 31,

(in thousands)

Assets (Liabilities) (1)

Effective

Date

Maturity

Date

Notional

Amount

Bank Pays Variable

Rate of

Regency Pays

Fixed Rate of

2020

2019

8/1/16

1/5/22 (2)

$

265,000

1 Month LIBOR with Floor

1.053

%

$

( 2,472

)

2,674

4/7/16

4/1/23

19,405

1 Month LIBOR

1.303

%

( 494

)

148

12/1/16

11/1/23

32,369

1 Month LIBOR

1.490

%

( 1,181

)

84

9/17/19

3/17/25

24,000

1 Month LIBOR

1.542

%

( 1,288

)

81

6/2/17

6/2/27

36,592

1 Month LIBOR with Floor

2.366

%

( 3,856

)

( 1,515

)

Total derivative financial instruments

$

( 9,291

)

1,472

(1)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

(2 )

In January 2021, the Company early settled the $ 265 million interest rate swap in connection with its repayment of the Term Loan.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2020, does not have any derivatives that are not designated as hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

Location and Amount of Gain (Loss)

Recognized in OCI on Derivative

Location and Amount of Gain (Loss)

Reclassified from AOCI into Income

Total amounts presented in the Consolidated

Statements of Operations in which the effects

of cash flow hedges are recorded

Year ended December 31,

Year ended December 31,

Year ended December 31,

(in thousands)

2020

2019

2018

2020

2019

2018

2020

2019

2018

Interest

rate swaps

$

( 19,187

)

( 15,585

)

402

Interest

expense, net

$

8,790

3,269

5,342

Interest

expense, net

$

156,678

151,264

148,456

Early extinguishment of debt (1)

$

2,472

Early extinguishment of debt

$

21,837

11,982

11,172

(1)

At December 31, 2020, based on intent to repay the Term Loan in January 2021, the Company recognized the Accumulated other comprehensive loss for the Term Loan swap in earnings within Early extinguishment of debt.

As of December 31, 2020, the Company expects approximately $ 3.7 million of accumulated comprehensive losses on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

106


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

11 .

Fair Value Measurements

(a)

Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following:

December 31,

2020

2019

(in thousands)

Carrying

Amount

Fair Value

Carrying

Amount

Fair Value

Financial liabilities:

Notes payable

$

3,658,405

4,102,382

$

3,435,161

3,688,604

Unsecured credit facilities

$

264,679

265,226

$

484,383

489,496

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2020 and 2019, respectively. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b)

Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and includes unrealized (gains) losses of ($ 3.0 ) million, ($ 3.8 ) million, and $ 3.3 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

107


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:

Fair Value Measurements as of December 31, 2020

(in thousands)

Balance

Quoted Prices in Active Markets for Identical Assets

(Level 1)

Significant Other Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Assets:

Securities

$

44,986

44,986

Available-for-sale debt securities

15,706

15,706

Total

$

60,692

44,986

15,706

Liabilities:

Interest rate derivatives

$

( 9,291

)

( 9,291

)

Fair Value Measurements as of December 31, 2019

(in thousands)

Balance

Quoted Prices in Active Markets for Identical Assets

(Level 1)

Significant Other Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Assets:

Securities

$

39,599

39,599

Available-for-sale debt securities

10,755

10,755

Interest rate derivatives

2,987

2,987

Total

$

53,341

39,599

13,742

Liabilities:

Interest rate derivatives

$

( 1,515

)

( 1,515

)

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis:

Fair Value Measurements as of December 31, 2020

(in thousands)

Balance

Quoted Prices in Active Markets for Identical Assets

(Level 1)

Significant Other Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Total Gains (Losses)

Operating properties

$

25,000

25,000

( 17,532

)

Fair Value Measurements as of December 31, 2019

(in thousands)

Balance

Quoted Prices in Active Markets for Identical Assets

(Level 1)

Significant Other Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Total Gains (Losses)

Operating properties

$

71,131

28,131

43,000

( 50,553

)

108


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

During the years ended December 31, 2020 and 2019, the Company recorded Provision for impairment of $ 17.5 million and $ 40.3 million, respectively, on one operating property which is classified as held and used.  The property, which is located in the Manhattan market of New York City, was impaired during 2019 as a result of a fair value analysis performed based on lease up expectations after its single retail tenant declared bankruptcy.  As the pandemic continued to impact the leasing market, limiting visibility for replacement prospects for this property, the hold period probabilities shifted triggering further evaluation of the current fair value resulting in the additional impairment charge during the fourth quarter of 2020.

The 2019 fair value was derived using a discounted cash flow model, which included assumptions around redevelopment of the asset to its highest and best use as a mixed-use project and re-leasing the space.  The discount rate of 8.58 % and terminal capitalization rate of 4.75 % used in the discounted cash flow model are considered significant inputs and assumptions to estimating the fair value of the property, which is considered a Level 3 input per the fair value hierarchy.  The 2020 fair value was based on third-party offers for the property and is reflected in the above Level 2 fair value hierarchy.

During the year ended December 31, 2019, the Company also recorded a $ 10.2 million Provision for impairment on one operating property which was classified as held and used and resulted in a fair value of $ 28.1 million.  That operating property is classified as held for sale at December 31, 2020.  The property was remeasured to fair value based on its expected selling price and is reflected in the above Level 2 fair value hierarchy.

1 2 .

Equity and Capital

Common Stock of the Parent Company

At the Market (“ATM”) Program

Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $ 500.0 million of common stock at prices determined by the market at the time of sale. There were no shares issued under the ATM equity program during the year ended December 31, 2020.  As of December 31, 2020, all $ 500 million of common stock authorized under the ATM program remained available for issuance.

Under a previous ATM equity program which expired on March 31, 2020, the Company sold shares through forward sale agreements, which the Company settled during March 2020.  At settlement, the Company issued 1,894,845 shares of its common stock, receiving $ 125.8 million of net proceeds which were used for working capital and general corporate purposes.

Share Repurchase Program

On February 4, 2020, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of shares of its outstanding common stock through open market purchases or in privately negotiated transactions. Any shares purchased, if not retired, will be treated as treasury shares. The program is set to expire on February 5, 2021 , but may be modified at the discretion of the Board. The timing and actual number of shares purchased under the program depend upon marketplace conditions, liquidity needs, and other factors. Through December 31, 2020, no shares have been repurchased under this program.

On February 3, 2021, the Company’s Board authorized a new common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases or in privately negotiated transactions.  Any shares purchased, if not retired, will be treated as treasury shares.  This new program is set to expire on February 3, 2023 .

Common Units of the Operating Partnership

Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above.

In January 2020, the Operating Partnership issued 18,613 exchangeable operating partnership units, valued at $ 1.3 million, as partial purchase price consideration for the acquisition of an additional 16.62 % interest in an operating shopping center.

109


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

General Partners

The Parent Company, as general partner, owned the following Partnership Units outstanding:

December 31,

(in thousands)

2020

2019

Partnership units owned by the general partner

169,680

167,571

Partnership units owned by the limited partners

765

746

Total partnership units outstanding

170,445

168,317

Percentage of partnership units owned by the general partner

99.6

%

99.6

%

1 3 .

Stock-Based Compensation

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:

Year ended December 31,

(in thousands)

2020

2019

2018

Restricted stock (1)

$

14,248

16,254

16,745

Directors' fees paid in common stock

452

410

399

Capitalized stock-based compensation (2)

( 1,119

)

( 2,325

)

( 3,509

)

Stock-based compensation, net of capitalization

$

13,581

14,339

13,635

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods .

(2)

Includes compensation expense specifically identifiable to development and redevelopment activities.  During 2018, these amounts also include compensation expense specifically identifiable to leasing activities, as non-contingent internal leasing costs were capitalizable prior to the adoption of Topic 842, Leases , on January 1, 2019 .

The Company established its Omnibus Incentive Plan (the “Plan”) under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.4 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2020, there were 4.7 million shares available for grant under the Plan either through stock options or restricted stock awards.

Restricted Stock Awards

The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance-based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award.

110


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

The following table summarizes non-vested restricted stock activity:

Year ended December 31, 2020

Number of Shares

Intrinsic Value (in thousands)

Weighted Average Grant Price

Non-vested as of December 31, 2019

623,090

Time-based awards granted (1) (4)

144,497

$

57.17

Performance-based awards granted (2) (4)

8,898

$

62.04

Market-based awards granted (3) (4)

109,030

$

73.54

Change in market-based awards earned for performance (3)

22,906

$

62.39

Vested (5)

( 244,694

)

$

58.94

Forfeited

( 44,792

)

$

63.45

Non-vested as of December 31, 2020 (6)

618,935

$

28,217

(1)

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period . These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

(2)

Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.

(3)

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:

Year ended December 31,

2020

2019

2018

Volatility

18.50

%

19.30

%

19.20

%

Risk free interest rate

1.30

%

2.43

%

2.26

%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:

Year ended December 31,

2020

2019

2018

Weighted-average grant price for restricted stock

$

64.14

$

65.11

$

63.50

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):

Year ended December 31,

2020

2019

2018

Intrinsic value of restricted stock vested

$

14,423

$

17,684

$

17,306

(6)

As of December 31, 2020, there was $ 12.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years . The Company issues new restricted stock from its authorized shares available at the date of grant.

111


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

1 4 .

Saving and Retirement Plans

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2020. Additionally, an annual profit sharing contribution may be made, which vests over a three year period. Costs for Company contributions to the plan totaled $ 3.5 million, $ 3.5 million, and $ 3.9 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Non-Qualified Deferred Compensation Plan (“NQDCP”)

The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.

The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:

Year ended December 31,

(in thousands)

2020

2019

Location in Consolidated Balance Sheets

Assets:

Securities

$

40,964

36,849

Other assets

Liabilities:

Deferred compensation obligation

$

40,962

36,755

Accounts payable and other liabilities

Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.

Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within
Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within stockholders' equity.

15 .

Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

Year ended December 31,

(in thousands, except per share data)

2020

2019

2018

Numerator:

Income attributable to common stockholders - basic

$

44,889

$

239,430

249,127

Income attributable to common stockholders - diluted

$

44,889

$

239,430

249,127

Denominator:

Weighted average common shares outstanding for basic EPS

169,231

167,526

169,724

Weighted average common shares outstanding for diluted EPS (1) (2)

169,460

167,771

170,100

Income per common share – basic

$

0.27

$

1.43

1.47

Income per common share – diluted

$

0.26

$

1.43

1.46

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Using the treasury stock method, 2019 weighted average common shares outstanding for basic and diluted earnings per share exclude 1.9 million shares issuable under the forward ATM equity offering as they would be anti-dilutive.  These shares are included in 2020 weighted average common shares outstanding as they were settled in March 2020.

112


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2020, 2019, and 2018, were 765,046 , 464,286 , and 349,902 , respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

Year ended December 31,

(in thousands, except per share data)

2020

2019

2018

Numerator:

Income attributable to common unit holders - basic

$

45,092

$

240,064

249,652

Income attributable to common unit holders - diluted

$

45,092

$

240,064

249,652

Denominator:

Weighted average common units outstanding for basic EPU

169,997

167,990

170,074

Weighted average common units outstanding for diluted EPU (1) (2)

170,225

168,235

170,450

Income per common unit – basic

$

0.27

$

1.43

1.47

Income per common unit – diluted

$

0.26

$

1.43

1.46

(1)

Includes the dilutive impact of unvested restricted stock.

(2)

Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.9 million shares issuable under the forward ATM equity offering outstanding during 2019 as they would be anti-dilutive.

1 6 .

Commitments and Contingencies

Litigation

The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. However, no assurances can be given as to the outcome of any threatened or pending legal proceedings.  Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, and older underground petroleum storage tanks.  The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of December 31, 2020 and 2019, the Company had $ 9.7 million and $ 12.5 million, respectively, in letters of credit outstanding.

113


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Consolidated Financial Statements

December 31, 2020

1 7 .

Summary of Quarterly Financial Data (Unaudited)

The following table summarizes selected Quarterly Financial Data for the Company on a historical basis for the years ended December 31, 2020 and 2019:

(in thousands except per share and per unit data)

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Year ended December 31, 2020

Operating Data:

Revenue

$

283,658

231,113

242,944

258,460

Net (loss) income attributable to common stockholders

$

( 25,332

)

19,046

12,688

38,487

Net (loss) income attributable to exchangeable operating partnership units

( 115

)

87

57

174

Net (loss) income attributable to common unit holders

$

( 25,447

)

19,133

12,745

38,661

Net (loss) income attributable to common stock and unit holders per share and unit:

Basic

$

( 0.15

)

0.11

0.07

0.23

Diluted

$

( 0.15

)

0.11

0.07

0.23

Year ended December 31, 2019

Operating Data:

Revenue

$

286,257

275,872

282,276

288,733

Net income attributable to common stockholders

$

90,446

51,728

56,965

40,291

Net income attributable to exchangeable operating partnership units

190

109

157

178

Net income attributable to common unit holders

$

90,636

51,837

57,122

40,469

Net income attributable to common stock and unit holders per share and unit:

Basic

$

0.54

0.31

0.34

0.24

Diluted

$

0.54

0.31

0.34

0.24

114


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

101 7th Avenue

$

48,340

34,895

( 57,260

)

15,378

10,597

25,975

( 1,015

)

24,960

1175 Third Avenue

40,560

25,617

1

40,560

25,618

66,178

( 2,866

)

63,312

1225-1239 Second Ave

23,033

17,173

( 33

)

23,033

17,140

40,173

( 2,044

)

38,129

200 Potrero

4,860

2,251

124

4,860

2,375

7,235

( 278

)

6,957

22 Crescent Road

2,198

272

( 318

)

2,152

2,152

2,152

4S Commons Town Center

30,760

35,830

1,518

30,812

37,296

68,108

( 27,466

)

40,642

( 84,191

)

6401 Roosevelt

2,685

934

2

2,685

936

3,621

( 36

)

3,585

90 - 30 Metropolitan Avenue

16,614

24,171

133

16,614

24,304

40,918

( 2,814

)

38,104

91 Danbury Road

732

851

732

851

1,583

( 141

)

1,442

Alafaya Village

3,004

5,852

172

3,004

6,024

9,028

( 941

)

8,087

Amerige Heights Town Center

10,109

11,288

817

10,109

12,105

22,214

( 5,594

)

16,620

Anastasia Plaza

9,065

761

3,338

6,488

9,826

( 3,104

)

6,722

Ashford Place

2,584

9,865

1,216

2,584

11,081

13,665

( 8,451

)

5,214

Atlantic Village

4,282

18,827

1,688

4,766

20,031

24,797

( 3,328

)

21,469

Aventura Shopping Center

2,751

10,459

11,011

9,486

14,735

24,221

( 2,718

)

21,503

Aventura Square

88,098

20,771

1,705

89,657

20,917

110,574

( 3,026

)

107,548

( 4,864

)

Balboa Mesa Shopping Center

23,074

33,838

14,038

27,758

43,192

70,950

( 15,913

)

55,037

Banco Popular Building

2,160

1,137

( 32

)

2,160

1,105

3,265

( 1,261

)

2,004

Belleview Square

8,132

9,756

3,827

8,323

13,392

21,715

( 9,110

)

12,605

Belmont Chase

13,881

17,193

( 426

)

14,372

16,276

30,648

( 5,857

)

24,791

Berkshire Commons

2,295

9,551

2,696

2,965

11,577

14,542

( 8,618

)

5,924

Bird 107 Plaza

10,371

5,136

( 25

)

10,371

5,111

15,482

( 847

)

14,635

Bird Ludlam

42,663

38,481

417

42,663

38,898

81,561

( 5,430

)

76,131

Black Rock

22,251

20,815

388

22,251

21,203

43,454

( 5,432

)

38,022

( 19,405

)

Bloomingdale Square

3,940

14,912

20,222

8,634

30,440

39,074

( 9,663

)

29,411

Boca Village Square

43,888

9,726

14

43,888

9,740

53,628

( 1,964

)

51,664

Boulevard Center

3,659

10,787

2,761

3,659

13,548

17,207

( 8,097

)

9,110

Boynton Lakes Plaza

2,628

11,236

5,018

3,606

15,276

18,882

( 8,541

)

10,341

Boynton Plaza

12,879

20,713

104

12,879

20,817

33,696

( 3,083

)

30,613

Brentwood Plaza

2,788

3,473

356

2,788

3,829

6,617

( 1,675

)

4,942

Briarcliff La Vista

694

3,292

565

694

3,857

4,551

( 3,155

)

1,396

Briarcliff Village

4,597

24,836

2,469

4,597

27,305

31,902

( 20,368

)

11,534

Brick Walk

25,299

41,995

1,525

25,299

43,520

68,819

( 9,406

)

59,413

( 32,369

)

BridgeMill Market

7,521

13,306

613

7,522

13,918

21,440

( 2,495

)

18,945

( 4,012

)

Bridgeton

3,033

8,137

605

3,067

8,708

11,775

( 3,206

)

8,569

Brighten Park

3,983

18,687

11,477

4,234

29,913

34,147

( 19,034

)

15,113

Broadway Plaza

40,723

42,170

1,522

40,723

43,692

84,415

( 5,789

)

78,626

Brooklyn Station on Riverside

7,019

8,688

126

6,998

8,835

15,833

( 2,263

)

13,570

Brookside Plaza

35,161

17,494

406

35,161

17,900

53,061

( 3,688

)

49,373

Buckhead Court

1,417

7,432

4,506

1,417

11,938

13,355

( 8,458

)

4,897

Buckhead Station

70,411

36,518

1,520

70,448

38,001

108,449

( 6,683

)

101,766

115


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

Buckley Square

2,970

5,978

1,366

2,970

7,344

10,314

( 4,751

)

5,563

Caligo Crossing

2,459

4,897

144

2,546

4,954

7,500

( 3,406

)

4,094

Cambridge Square

774

4,347

442

774

4,789

5,563

( 3,176

)

2,387

Carmel Commons

2,466

12,548

4,975

3,422

16,567

19,989

( 10,882

)

9,107

Carriage Gate

833

4,974

3,300

1,302

7,805

9,107

( 6,751

)

2,356

Carytown Exchange

4,378

1,328

( 54

)

4,378

1,274

5,652

( 110

)

5,542

Cashmere Corners

3,187

9,397

263

3,187

9,660

12,847

( 1,737

)

11,110

Centerplace of Greeley III

6,661

11,502

1,440

5,694

13,909

19,603

( 6,098

)

13,505

Charlotte Square

1,141

6,845

1,012

1,141

7,857

8,998

( 1,465

)

7,533

Chasewood Plaza

4,612

20,829

5,816

6,886

24,371

31,257

( 19,129

)

12,128

Chastain Square

30,074

12,644

1,973

30,074

14,617

44,691

( 2,918

)

41,773

Cherry Grove

3,533

15,862

4,524

3,533

20,386

23,919

( 12,064

)

11,855

Chimney Rock

23,613

48,173

395

23,613

48,568

72,181

( 9,057

)

63,124

Circle Center West

22,930

9,028

( 22

)

22,930

9,006

31,936

( 1,478

)

30,458

( 9,143

)

Circle Marina Center

29,303

18,437

( 1

)

29,303

18,436

47,739

( 889

)

46,850

( 24,000

)

CityLine Market

12,208

15,839

170

12,306

15,911

28,217

( 3,992

)

24,225

CityLine Market Phase II

2,744

3,081

3

2,744

3,084

5,828

( 710

)

5,118

Clayton Valley Shopping Center

24,189

35,422

3,056

24,538

38,129

62,667

( 27,711

)

34,956

Clocktower Plaza Shopping Ctr

49,630

19,624

523

49,630

20,147

69,777

( 2,757

)

67,020

Clybourn Commons

15,056

5,594

289

15,056

5,883

20,939

( 1,588

)

19,351

Cochran's Crossing

13,154

12,315

1,896

13,154

14,211

27,365

( 10,728

)

16,637

Compo Acres Shopping Center

28,627

10,395

735

28,627

11,130

39,757

( 1,480

)

38,277

Concord Shopping Plaza

30,819

36,506

1,460

31,272

37,513

68,785

( 4,893

)

63,892

( 27,750

)

Copps Hill Plaza

29,515

40,673

383

29,514

41,057

70,571

( 5,931

)

64,640

( 11,258

)

Coral Reef Shopping Center

14,922

15,200

2,474

15,332

17,264

32,596

( 2,518

)

30,078

Corkscrew Village

8,407

8,004

662

8,407

8,666

17,073

( 3,944

)

13,129

Cornerstone Square

1,772

6,944

1,685

1,772

8,629

10,401

( 6,262

)

4,139

Corvallis Market Center

6,674

12,244

470

6,696

12,692

19,388

( 6,800

)

12,588

Costa Verde Center

12,740

26,868

1,499

12,798

28,309

41,107

( 26,837

)

14,270

Country Walk Plaza

18,713

20,373

32

18,713

20,405

39,118

( 754

)

38,364

( 16,000

)

Countryside Shops

17,982

35,574

13,513

23,175

43,894

67,069

( 7,352

)

59,717

Courtyard Shopping Center

5,867

4

3

5,867

7

5,874

( 2

)

5,872

Culver Center

108,841

32,308

695

108,841

33,003

141,844

( 5,282

)

136,562

Danbury Green

30,303

19,255

432

30,303

19,687

49,990

( 2,692

)

47,298

Dardenne Crossing

4,194

4,005

704

4,343

4,560

8,903

( 2,208

)

6,695

Darinor Plaza

693

32,140

830

711

32,952

33,663

( 4,708

)

28,955

Diablo Plaza

5,300

8,181

2,170

5,300

10,351

15,651

( 6,041

)

9,610

Dunwoody Village

3,342

15,934

5,092

3,342

21,026

24,368

( 15,986

)

8,382

East Pointe

1,730

7,189

2,142

1,941

9,120

11,061

( 6,348

)

4,713

El Camino Shopping Center

7,600

11,538

12,968

10,328

21,778

32,106

( 9,753

)

22,353

El Cerrito Plaza

11,025

27,371

2,622

11,025

29,993

41,018

( 12,499

)

28,519

116


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

El Norte Pkwy Plaza

2,834

7,370

3,308

3,263

10,249

13,512

( 6,158

)

7,354

Encina Grande

5,040

11,572

20,063

10,518

26,157

36,675

( 13,829

)

22,846

Fairfield Center

6,731

29,420

1,177

6,731

30,597

37,328

( 6,498

)

30,830

Falcon Marketplace

1,340

4,168

554

1,340

4,722

6,062

( 2,714

)

3,348

Fellsway Plaza

30,712

7,327

9,494

34,923

12,610

47,533

( 6,467

)

41,066

( 36,592

)

Fenton Marketplace

2,298

8,510

( 8,092

)

512

2,204

2,716

( 1,114

)

1,602

Fleming Island

3,077

11,587

3,066

3,111

14,619

17,730

( 8,838

)

8,892

Fountain Square

29,650

29,036

( 248

)

29,712

28,726

58,438

( 9,600

)

48,838

French Valley Village Center

11,924

16,856

302

11,822

17,260

29,082

( 14,190

)

14,892

Friars Mission Center

6,660

28,021

1,985

6,660

30,006

36,666

( 16,827

)

19,839

Gardens Square

2,136

8,273

739

2,136

9,012

11,148

( 5,480

)

5,668

Gateway 101

24,971

9,113

1,627

24,971

10,740

35,711

( 4,421

)

31,290

Gateway Shopping Center

52,665

7,134

11,023

55,346

15,476

70,822

( 17,675

)

53,147

Gelson's Westlake Market Plaza

3,157

11,153

5,908

4,654

15,564

20,218

( 8,309

)

11,909

Glen Oak Plaza

4,103

12,951

961

4,103

13,912

18,015

( 4,734

)

13,281

Glengary Shoppes

9,120

11,541

855

9,120

12,396

21,516

( 2,097

)

19,419

Glenwood Village

1,194

5,381

326

1,194

5,707

6,901

( 4,644

)

2,257

Golden Hills Plaza

12,699

18,482

3,619

11,518

23,282

34,800

( 10,743

)

24,057

Grand Ridge Plaza

24,208

61,033

5,874

24,918

66,197

91,115

( 23,405

)

67,710

Greenwood Shopping Centre

7,777

24,829

504

7,777

25,333

33,110

( 3,912

)

29,198

Hammocks Town Center

28,764

25,113

696

28,764

25,809

54,573

( 4,150

)

50,423

Hancock

8,232

28,260

1,797

8,232

30,057

38,289

( 17,255

)

21,034

Harpeth Village Fieldstone

2,284

9,443

778

2,284

10,221

12,505

( 5,890

)

6,615

Heritage Plaza

12,390

26,097

13,787

12,215

40,059

52,274

( 19,489

)

32,785

Hershey

7

808

10

7

818

825

( 498

)

327

Hewlett Crossing I & II

11,850

18,205

765

11,850

18,970

30,820

( 1,906

)

28,914

( 9,235

)

Hibernia Pavilion

4,929

5,065

216

4,929

5,281

10,210

( 3,606

)

6,604

Hickory Creek Plaza

5,629

4,564

377

5,629

4,941

10,570

( 5,023

)

5,547

Hillcrest Village

1,600

1,909

51

1,600

1,960

3,560

( 1,096

)

2,464

Hilltop Village

2,995

4,581

3,714

3,104

8,186

11,290

( 3,603

)

7,687

Hinsdale

5,734

16,709

11,831

8,343

25,931

34,274

( 14,822

)

19,452

Holly Park

8,975

23,799

2,416

8,828

26,362

35,190

( 6,374

)

28,816

Homestead McDonald's

2,229

2,229

2,229

( 30

)

2,199

Howell Mill Village

5,157

14,279

2,888

5,157

17,167

22,324

( 7,456

)

14,868

Hyde Park

9,809

39,905

6,945

9,809

46,850

56,659

( 27,741

)

28,918

Indian Springs Center

24,974

25,903

683

25,034

26,526

51,560

( 5,974

)

45,586

Indigo Square

8,088

9,712

58

8,088

9,770

17,858

( 1,137

)

16,721

Inglewood Plaza

1,300

2,159

834

1,300

2,993

4,293

( 1,719

)

2,574

Keller Town Center

2,294

12,841

901

2,404

13,632

16,036

( 7,487

)

8,549

Kirkman Shoppes

9,364

26,243

528

9,367

26,768

36,135

( 3,737

)

32,398

Kirkwood Commons

6,772

16,224

929

6,802

17,123

23,925

( 5,611

)

18,314

( 7,302

)

117


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

Klahanie Shopping Center

14,451

20,089

552

14,451

20,641

35,092

( 3,462

)

31,630

Kroger New Albany Center

3,844

6,599

1,396

3,844

7,995

11,839

( 6,020

)

5,819

Lake Mary Centre

24,036

57,476

2,034

24,036

59,510

83,546

( 9,501

)

74,045

Lake Pine Plaza

2,008

7,632

932

2,029

8,543

10,572

( 5,120

)

5,452

Lantana Outparcels

3,710

1,004

( 2,717

)

1,148

849

1,997

( 141

)

1,856

Lebanon/Legacy Center

3,913

7,874

938

3,913

8,812

12,725

( 6,458

)

6,267

Littleton Square

2,030

8,859

( 3,572

)

2,423

4,894

7,317

( 2,682

)

4,635

Lloyd King Center

1,779

10,060

1,277

1,779

11,337

13,116

( 6,850

)

6,266

Lower Nazareth Commons

15,992

12,964

4,060

16,343

16,673

33,016

( 10,883

)

22,133

Mandarin Landing

7,913

27,230

342

7,913

27,572

35,485

( 4,279

)

31,206

Market at Colonnade Center

6,455

9,839

73

6,160

10,207

16,367

( 4,833

)

11,534

Market at Preston Forest

4,400

11,445

1,769

4,400

13,214

17,614

( 7,683

)

9,931

Market at Round Rock

2,000

9,676

6,614

1,996

16,294

18,290

( 10,738

)

7,552

Market at Springwoods Village

12,590

12,781

( 83

)

12,590

12,698

25,288

( 2,690

)

22,598

( 6,350

)

Market Common Clarendon

154,932

126,328

( 3,854

)

154,932

122,474

277,406

( 18,036

)

259,370

Marketplace at Briargate

1,706

4,885

199

1,727

5,063

6,790

( 3,093

)

3,697

Mellody Farm

35,726

66,165

( 1

)

35,726

66,164

101,890

( 7,180

)

94,710

Melrose Market

4,451

10,807

( 74

)

4,451

10,733

15,184

( 1,264

)

13,920

Millhopper Shopping Center

1,073

5,358

5,990

1,901

10,520

12,421

( 7,550

)

4,871

Mockingbird Commons

3,000

10,728

2,464

3,000

13,192

16,192

( 7,455

)

8,737

Monument Jackson Creek

2,999

6,765

919

2,999

7,684

10,683

( 5,965

)

4,718

Morningside Plaza

4,300

13,951

969

4,300

14,920

19,220

( 8,615

)

10,605

Murrayhill Marketplace

2,670

18,401

14,460

2,903

32,628

35,531

( 15,919

)

19,612

Naples Walk

18,173

13,554

1,821

18,173

15,375

33,548

( 7,150

)

26,398

Newberry Square

2,412

10,150

1,270

2,412

11,420

13,832

( 9,034

)

4,798

Newland Center

12,500

10,697

8,648

16,276

15,569

31,845

( 9,589

)

22,256

Nocatee Town Center

10,124

8,691

8,596

11,035

16,376

27,411

( 7,575

)

19,836

North Hills

4,900

19,774

1,517

4,900

21,291

26,191

( 13,277

)

12,914

Northgate Marketplace

5,668

13,727

( 48

)

4,995

14,352

19,347

( 6,297

)

13,050

Northgate Marketplace Ph II

12,189

30,171

133

12,189

30,304

42,493

( 6,115

)

36,378

Northgate Plaza (Maxtown Road)

1,769

6,652

4,961

2,840

10,542

13,382

( 5,756

)

7,626

Northgate Square

5,011

8,692

1,053

5,011

9,745

14,756

( 4,720

)

10,036

Northlake Village

2,662

11,284

( 174

)

2,662

11,110

13,772

( 6,295

)

7,477

Oak Shade Town Center

6,591

28,966

673

6,591

29,639

36,230

( 10,268

)

25,962

( 6,301

)

Oakbrook Plaza

4,000

6,668

5,756

4,766

11,658

16,424

( 5,262

)

11,162

Oakleaf Commons

3,503

11,671

839

3,190

12,823

16,013

( 7,041

)

8,972

Ocala Corners

1,816

10,515

528

1,816

11,043

12,859

( 4,773

)

8,086

Old St Augustine Plaza

2,368

11,405

13,437

3,454

23,756

27,210

( 9,218

)

17,992

Pablo Plaza

11,894

21,407

9,314

13,320

29,295

42,615

( 3,973

)

38,642

Paces Ferry Plaza

2,812

12,639

15,553

8,378

22,626

31,004

( 11,089

)

19,915

Panther Creek

14,414

14,748

5,837

15,212

19,787

34,999

( 14,247

)

20,752

118


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

Pavillion

15,626

22,124

679

15,626

22,803

38,429

( 3,869

)

34,560

Peartree Village

5,197

19,746

878

5,197

20,624

25,821

( 13,475

)

12,346

Persimmon Place

25,975

38,114

( 115

)

26,692

37,282

63,974

( 11,634

)

52,340

Piedmont Peachtree Crossing

45,502

16,642

133

45,502

16,775

62,277

( 2,765

)

59,512

Pike Creek

5,153

20,652

2,601

5,251

23,155

28,406

( 13,839

)

14,567

Pine Island

21,086

28,123

3,113

21,086

31,236

52,322

( 5,845

)

46,477

Pine Lake Village

6,300

10,991

1,556

6,300

12,547

18,847

( 7,181

)

11,666

Pine Ridge Square

13,951

23,147

463

13,951

23,610

37,561

( 3,656

)

33,905

Pine Tree Plaza

668

6,220

769

668

6,989

7,657

( 4,020

)

3,637

Pinecrest Place

3,839

13,437

( 201

)

3,638

13,437

17,075

( 1,646

)

15,429

Plaza Escuela

24,829

104,395

1,218

24,829

105,613

130,442

( 11,126

)

119,316

Plaza Hermosa

4,200

10,109

3,608

4,202

13,715

17,917

( 7,587

)

10,330

Point 50

15,239

11,367

( 1,040

)

15,738

9,828

25,566

( 51

)

25,515

Point Royale Shopping Center

18,201

14,889

6,572

19,386

20,276

39,662

( 4,176

)

35,486

Post Road Plaza

15,240

5,196

153

15,240

5,349

20,589

( 786

)

19,803

Potrero Center

133,422

116,758

1,279

133,422

118,037

251,459

( 12,894

)

238,565

Powell Street Plaza

8,248

30,716

3,039

8,248

33,755

42,003

( 16,814

)

25,189

Powers Ferry Square

3,687

17,965

9,567

5,758

25,461

31,219

( 18,419

)

12,800

Powers Ferry Village

1,191

4,672

764

1,191

5,436

6,627

( 4,182

)

2,445

Prairie City Crossing (fka Folsom Prairie City Crossing)

4,164

13,032

729

4,164

13,761

17,925

( 7,007

)

10,918

Preston Oaks

763

30,438

( 19,425

)

569

11,207

11,776

( 2,741

)

9,035

Prestonbrook

7,069

8,622

1,180

7,069

9,802

16,871

( 7,304

)

9,567

Prosperity Centre

11,682

26,215

188

11,681

26,404

38,085

( 3,809

)

34,276

Ralphs Circle Center

20,939

6,317

98

20,939

6,415

27,354

( 1,167

)

26,187

Red Bank Village

10,336

9,500

1,938

10,514

11,260

21,774

( 3,734

)

18,040

Regency Commons

3,917

3,616

300

3,917

3,916

7,833

( 2,726

)

5,107

Regency Square

4,770

25,191

6,488

5,060

31,389

36,449

( 24,600

)

11,849

Rivertowns Square

15,505

52,505

2,486

16,779

53,717

70,496

( 4,513

)

65,983

Rona Plaza

1,500

4,917

288

1,500

5,205

6,705

( 3,248

)

3,457

Roosevelt Square

40,371

32,108

3,731

40,382

35,828

76,210

( 3,138

)

73,072

Russell Ridge

2,234

6,903

1,501

2,234

8,404

10,638

( 5,659

)

4,979

Ryanwood Square

10,581

10,044

167

10,573

10,219

20,792

( 2,027

)

18,765

Salerno Village

1,355

1,355

1,355

( 19

)

1,336

Sammamish-Highlands

9,300

8,075

8,746

9,592

16,529

26,121

( 10,207

)

15,914

San Carlos Marketplace

36,006

57,886

320

36,006

58,206

94,212

( 6,559

)

87,653

San Leandro Plaza

1,300

8,226

713

1,300

8,939

10,239

( 5,122

)

5,117

Sandy Springs

6,889

28,056

3,457

6,889

31,513

38,402

( 8,851

)

29,551

Sawgrass Promenade

10,846

12,525

368

10,846

12,893

23,739

( 2,216

)

21,523

Scripps Ranch Marketplace

59,949

26,334

688

59,949

27,022

86,971

( 3,043

)

83,928

Sequoia Station

9,100

18,356

2,339

9,100

20,695

29,795

( 11,754

)

18,041

119


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

Serramonte Center

390,106

172,652

53,680

409,840

206,598

616,438

( 44,005

)

572,433

Shaw's at Plymouth

3,968

8,367

3,968

8,367

12,335

( 1,392

)

10,943

Sheridan Plaza

82,260

97,273

6,821

82,775

103,579

186,354

( 13,520

)

172,834

Sherwood Crossroads

2,731

6,360

1,189

2,731

7,549

10,280

( 3,743

)

6,537

Shoppes @ 104

11,193

2,371

7,078

6,486

13,564

( 3,098

)

10,466

Shoppes at Homestead

5,420

9,450

2,170

5,420

11,620

17,040

( 6,650

)

10,390

Shoppes at Lago Mar

8,323

11,347

( 82

)

8,323

11,265

19,588

( 1,981

)

17,607

Shoppes at Sunlake Centre

16,643

15,091

318

16,643

15,409

32,052

( 3,099

)

28,953

Shoppes of Grande Oak

5,091

5,985

581

5,091

6,566

11,657

( 5,473

)

6,184

Shoppes of Jonathan's Landing

4,474

5,628

432

4,474

6,060

10,534

( 956

)

9,578

Shoppes of Oakbrook

20,538

42,992

( 456

)

20,538

42,536

63,074

( 5,672

)

57,402

( 2,654

)

Shoppes of Silver Lakes

17,529

21,829

80

17,529

21,909

39,438

( 3,726

)

35,712

Shoppes of Sunset

2,860

1,316

53

2,860

1,369

4,229

( 279

)

3,950

Shoppes of Sunset II

2,834

715

( 39

)

2,834

676

3,510

( 183

)

3,327

Shops at County Center

9,957

11,296

700

9,973

11,980

21,953

( 10,301

)

11,652

Shops at Erwin Mill

9,082

6,124

256

9,087

6,375

15,462

( 3,103

)

12,359

( 10,000

)

Shops at John's Creek

1,863

2,014

( 250

)

1,501

2,126

3,627

( 1,497

)

2,130

Shops at Mira Vista

11,691

9,026

207

11,691

9,233

20,924

( 2,491

)

18,433

( 204

)

Shops at Quail Creek

1,487

7,717

704

1,448

8,460

9,908

( 4,098

)

5,810

Shops at Saugus

19,201

17,984

( 3

)

18,811

18,371

37,182

( 11,141

)

26,041

Shops at Skylake

84,586

39,342

1,737

85,117

40,548

125,665

( 7,225

)

118,440

Shops on Main

17,020

27,055

15,754

18,534

41,295

59,829

( 12,297

)

47,532

Sope Creek Crossing

2,985

12,001

3,267

3,332

14,921

18,253

( 9,175

)

9,078

South Beach Regional

28,188

53,405

783

28,188

54,188

82,376

( 8,247

)

74,129

South Point

6,563

7,939

94

6,563

8,033

14,596

( 1,399

)

13,197

Southbury Green

26,661

34,325

5,465

29,670

36,781

66,451

( 5,018

)

61,433

Southcenter

1,300

12,750

2,006

1,300

14,756

16,056

( 8,503

)

7,553

Southpark at Cinco Ranch

18,395

11,306

7,401

21,438

15,664

37,102

( 7,368

)

29,734

SouthPoint Crossing

4,412

12,235

1,190

4,382

13,455

17,837

( 7,614

)

10,223

Starke

71

1,683

10

71

1,693

1,764

( 857

)

907

Star's at Cambridge

31,082

13,520

( 1

)

31,082

13,519

44,601

( 1,922

)

42,679

Star's at Quincy

27,003

9,425

1

27,003

9,426

36,429

( 2,114

)

34,315

Star's at West Roxbury

21,973

13,386

( 8

)

21,973

13,378

35,351

( 1,940

)

33,411

Sterling Ridge

12,846

12,162

795

12,846

12,957

25,803

( 10,271

)

15,532

Stroh Ranch

4,280

8,189

710

4,280

8,899

13,179

( 6,781

)

6,398

Suncoast Crossing

9,030

10,764

4,553

13,374

10,973

24,347

( 7,733

)

16,614

Talega Village Center

22,415

12,054

58

22,415

12,112

34,527

( 1,734

)

32,793

Tamarac Town Square

12,584

9,221

838

12,584

10,059

22,643

( 1,830

)

20,813

Tanasbourne Market

3,269

10,861

( 336

)

3,149

10,645

13,794

( 5,864

)

7,930

Tassajara Crossing

8,560

15,464

1,960

8,560

17,424

25,984

( 9,571

)

16,413

Tech Ridge Center

12,945

37,169

3,761

13,625

40,250

53,875

( 14,071

)

39,804

( 3,346

)

120


REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated

Depreciation

Net of

Accumulated

Depreciation

Mortgages

The Abbot

72,910

6,086

( 5,444

)

72,910

642

73,552

( 85

)

73,467

The Field at Commonwealth

30,771

18,010

1

30,772

18,010

48,782

( 3,913

)

44,869

The Gallery at Westbury Plaza

108,653

216,771

3,014

108,653

219,785

328,438

( 27,088

)

301,350

The Hub Hillcrest Market

18,773

61,906

5,600

19,611

66,668

86,279

( 16,702

)

69,577

The Marketplace

10,927

36,052

412

10,927

36,464

47,391

( 4,801

)

42,590

The Plaza at St. Lucie West

1,718

6,204

( 15

)

1,718

6,189

7,907

( 873

)

7,034

The Point at Garden City Park

741

9,764

5,795

2,559

13,741

16,300

( 2,922

)

13,378

The Pruneyard

112,136

86,918

900

112,136

87,818

199,954

( 4,811

)

195,143

( 2,200

)

The Shops at Hampton Oaks

843

372

( 344

)

737

134

871

( 61

)

810

The Village at Hunter's Lake

7,544

12,344

6

7,544

12,350

19,894

( 546

)

19,348

The Village at Riverstone

17,164

13,142

( 85

)

17,164

13,057

30,221

( 1,587

)

28,634

Town and Country

4,664

5,207

15

4,664

5,222

9,886

( 1,268

)

8,618

Town Square

883

8,132

209

883

8,341

9,224

( 5,253

)

3,971

Treasure Coast Plaza

7,553

21,554

1,009

7,553

22,563

30,116

( 3,445

)

26,671

( 2,007

)

Tustin Legacy

13,829

23,922

( 37

)

13,828

23,886

37,714

( 3,793

)

33,921

Twin City Plaza

17,245

44,225

2,478

17,263

46,685

63,948

( 18,796

)

45,152

Twin Peaks

5,200

25,827

1,908

5,200

27,735

32,935

( 15,771

)

17,164

Unigold Shopping Center

5,490

5,144

6,640

5,561

11,713

17,274

( 2,846

)

14,428

University Commons

4,070

30,785

493

4,070

31,278

35,348

( 6,768

)

28,580

Valencia Crossroads

17,921

17,659

1,333

17,921

18,992

36,913

( 16,670

)

20,243

Village at La Floresta

13,140

20,559

( 291

)

13,156

20,252

33,408

( 5,596

)

27,812

Village at Lee Airpark

11,099

12,973

3,341

11,803

15,610

27,413

( 11,289

)

16,124

Village Center

3,885

14,131

9,543

5,480

22,079

27,559

( 11,152

)

16,407

Von's Circle Center

49,037

22,618

735

49,037

23,353

72,390

( 3,522

)

68,868

( 6,434

)

Walker Center

3,840

7,232

4,238

3,878

11,432

15,310

( 7,784

)

7,526

Walmart Norwalk

20,394

21,261

9

20,394

21,270

41,664

( 3,576

)

38,088

Waterstone Plaza

5,498

13,500

57

5,498

13,557

19,055

( 2,021

)

17,034

Welleby Plaza

1,496

7,787

1,704

1,496

9,491

10,987

( 8,155

)

2,832

Wellington Town Square

2,041

12,131

( 798

)

2,041

11,333

13,374

( 6,766

)

6,608

West Bird Plaza

12,934

18,594

( 10,423

)

11,748

9,357

21,105

( 1,250

)

19,855

West Chester Plaza

1,857

7,572

668

1,857

8,240

10,097

( 6,141

)

3,956

West Lake Shopping Center

10,561

9,792

157

10,561

9,949

20,510

( 2,043

)

18,467

West Park Plaza

5,840

5,759

1,737

5,840

7,496

13,336

( 4,571

)

8,765

Westbury Plaza

116,129

51,460

3,462

116,129

54,922

171,051

( 8,659

)

162,392

( 88,000

)

Westchase

5,302

8,273

1,137

5,302

9,410

14,712

( 4,148

)

10,564

Westchester Commons

3,366

11,751

10,818

4,894

21,041

25,935

( 8,980

)

16,955

Westlake Village Plaza and Center (fka Westlake Village Plaza)

7,043

27,195

30,063

17,620

46,681

64,301

( 28,323

)

35,978

Westport Plaza

9,035

7,455

23

9,035

7,478

16,513

( 1,361

)

15,152

( 2,096

)

Westport Row (fka The Village Center)

43,597

16,428

5,329

45,260

20,094

65,354

( 3,049

)

62,305

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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Initial Cost

Total Cost

Net Cost

Shopping Centers (1)

Land & Land

Improvements

Building &

Improvements

Cost

Capitalized

Subsequent to

Acquisition (2)

Land & Land

Improvements

Building &

Improvements

Total

Accumulated Depreciation

Net of

Accumulated

Depreciation

Mortgages

Westbard Square

127,859

21,514

( 245

)

127,859

21,269

149,128

( 19,686

)

129,442

Westwood Village

19,933

25,301

( 1,759

)

18,979

24,496

43,475

( 15,329

)

28,146

Williamsburg at Dunwoody

7,435

3,721

906

7,444

4,618

12,062

( 971

)

11,091

Willow Festival

1,954

56,501

3,235

1,976

59,714

61,690

( 18,314

)

43,376

Willow Oaks

6,664

7,908

( 371

)

6,294

7,907

14,201

( 2,556

)

11,645

Willows Shopping Center

51,964

78,029

974

51,992

78,975

130,967

( 9,919

)

121,048

Woodcroft Shopping Center

1,419

6,284

1,191

1,421

7,473

8,894

( 5,037

)

3,857

Woodman Van Nuys

5,500

7,195

418

5,500

7,613

13,113

( 4,333

)

8,780

Woodmen Plaza

7,621

11,018

948

7,621

11,966

19,587

( 11,297

)

8,290

Woodside Central

3,500

9,288

612

3,489

9,911

13,400

( 5,697

)

7,703

Corporate Assets

1,325

1,325

1,325

( 1,323

)

2

Land held for future development

19,426

( 4,055

)

15,308

63

15,371

( 10

)

15,361

Construction in progress

159,241

159,241

159,241

159,241

$

4,791,532

5,546,443

763,883

4,861,253

6,240,605

11,101,858

( 1,994,108

)

9,107,750

( 415,713

)

(1)

See Item 2, Properties , for geographic location and year each operating property was acquired.

(2)

The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded, and demolition of part of the property for redevelopment.

See accompanying report of independent registered public accounting firm.

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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Schedule III - Consolidated Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)

Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $ 8.9 billion at December 31, 2020.

The changes in total real estate assets for the years ended December 31, 2020, 2019, and 2018 are as follows:

(in thousands)

2020

2019

2018

Beginning balance

$

11,095,294

10,863,162

10,892,821

Acquired properties and land

39,087

268,366

113,911

Developments and improvements

154,657

193,973

213,389

Disposal of building and tenant improvements

( 35,034

)

( 34,824

)

( 15,384

)

Sale of properties

( 95,780

)

( 60,195

)

( 277,270

)

Properties held for sale

( 38,122

)

( 58,527

)

( 59,438

)

Provision for impairment

( 18,244

)

( 76,661

)

( 4,867

)

Ending balance

$

11,101,858

11,095,294

10,863,162

The changes in accumulated depreciation for the years ended December 31, 2020, 2019, and 2018 are as follows:

(in thousands)

2020

2019

2018

Beginning balance

$

1,766,162

1,535,444

1,339,771

Depreciation expense

278,861

295,638

264,873

Disposal of building and tenant improvements

( 35,034

)

( 34,824

)

( 15,384

)

Sale of properties

( 10,812

)

( 4,643

)

( 45,901

)

Accumulated depreciation related to properties held for sale

( 4,357

)

( 19,031

)

( 7,729

)

Provision for impairment

( 712

)

( 6,422

)

( 186

)

Ending balance

$

1,994,108

1,766,162

1,535,444

See accompanying report of independent registered public accounting firm.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Controls and Procedures (Regency Centers Corporation)

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Under the supervision and with the participation of the Parent Company's management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, the Parent Company's chief executive officer and chief financial officer concluded that its disclosure controls and procedures were effective as of the end of the period covered by this annual report on Form 10-K to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Parent Company in the reports it files or submits is accumulated and communicated to management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Management's Report on Internal Control over Financial Reporting

The Parent Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013) , the Parent Company's management concluded that its internal control over financial reporting was effective as of December 31, 2020.

KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Parent Company's internal control over financial reporting.

The Parent Company's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Controls

There have been no changes in the Parent Company's internal controls over financial reporting identified in connection with this evaluation that occurred during the fourth quarter of 2020 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.  The Parent Company has incorporated the effects of COVID-19 related impacts into our control structure.

Controls and Procedures (Regency Centers, L.P.)

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Under the supervision and with the participation of the Operating Partnership's management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the chief executive officer and chief financial officer of its general partner concluded that its disclosure controls and procedures were effective as of the end of the period covered by this annual report on Form 10-K to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Operating Partnership in the reports it files or submits is accumulated and communicated to management, including the

124


chief executive officer and chief financial officer of its general partner, as appropriate, to allow timely decisions regarding required disclosure.

Management's Report on Internal Control over Financial Reporting

The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013) , the Operating Partnership's management concluded that its internal control over financial reporting was effective as of December 31, 2020.

KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Operating Partnership's internal control over financial reporting.

The Operating Partnership's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Controls

There have been no changes in the Operating Partnership's internal controls over financial reporting identified in connection with this evaluation that occurred during the fourth quarter of 2020 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.  The Operating Partnership has incorporated the effects of COVID-19 related impacts into our control structure.

Item 9B. Other Information

Not applicable

PART III

Item 10. Directors, Executive Officers, and Corporate Governance

Information concerning our directors, executive officers, and corporate governance is incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2021 Annual Meeting of Stockholders. Information regarding executive officers is included in Part I of this Form 10-K as permitted by General Instruction G(3).

Code of Ethics.

We have a code of ethics applicable to our Board of Directors, principal executive officers, principal financial officer, principal accounting officer and persons performing similar functions. The text of this code of ethics may be found on our web site at www.regencycenters.com. We will post a notice of any waiver from, or amendment to, any provision of our code of ethics on our web site.

Item 11. Executive Compensation

Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2021 Annual Meeting of Stockholders.

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Item 12. Security Ownership of Certain Beneficial Ow ners and Management and Related Stockholder Matters

Equity Compensation Plan Information

(as of December 31, 2020)

(a)

(b)

(c)

Plan Category

Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)

Weighted-average exercise price of outstanding options, warrants and rights (2)

Number of securities remaining available for future issuance under equity  compensation plans (excluding  securities reflected in column a) (3)

Equity compensation plans approved by security holders

$

4,739,687

Equity compensation plans not approved by security holders

N/A

N/A

N/A

Total

$

4,739,687

(1)

This column does not include 618,935 shares that may be issued pursuant to unvested restricted stock and performance share awards.

(2)

The weighted average exercise price excludes stock rights awards, which we sometimes refer to as unvested restricted stock.

(3)

The Regency Centers Corporation Omnibus Incentive Plan, (“Omnibus Plan”), as approved by stockholders at our 2019 annual meeting, provides that an aggregate maximum of 5.6 million shares of our common stock are reserved for issuance under the Omnibus Plan.

Information about security ownership is incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2021 Annual Meeting of Stockholders.

Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2021 Annual Meeting of Stockholders.

Item 14. Principal Accountant Fees and Services

Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2021 Annual Meeting of Stockholders.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)

Financial Statements and Financial Statement Schedules:

Regency Centers Corporation and Regency Centers, L.P. 2020 financial statements and financial statement schedule, together with the reports of KPMG LLP are listed on the index immediately preceding the financial statements in Item 8, Consolidated Financial Statements and Supplemental Data.

(b)

Exhibits:

In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company, its subsidiaries or other parties to the agreements. The Agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this report not misleading. Additional information about the Company may be found elsewhere in this report and the Company's other public files, which are available without charge through the SEC's website at http://www.sec.gov .

Unless otherwise indicated below, the Commission file number to the exhibit is No. 001-12298.

1.

Underwriting Agreement

(a)

Form of Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and the parties listed below (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed on May 17, 2017). The Equity Distribution Agreements listed below are substantially identical in all material respects to the Form of Equity Distribution Agreement, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to Instruction 2 to item 601 of Regulation S-K:

(i)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Wells Fargo Securities, LLC;

(ii)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and J.P. Morgan Securities LLC;

(iii)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated;

(iv)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and BB&T Capital Markets, a division of BB&T Securities, LLC;

(v)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and BTIG, LLC;

(vi)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and RBC Capital Markets, LLC;

127


(vii)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and SunTrust Robinson Humphrey, Inc.; and

(viii)

Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Mizuho Securities USA LLC.

(b)

Form of Amendment No. 1 to the Equity Distribution Agreement, dated November 13, 2018 (incorporated by referent to Exhibit 1.1 to the Company’s Form 8-K filed on November 14, 2018). The Amendment No.1 to each of the Equity Distribution Agreements, dated November 13, 2018, and listed in Exhibit 1 (a) are substantially identical in all material respects to the Form of Amendment No. 1 to the Equity Distribution Agreement, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to item 601 of Regulation S-K.

(c)

Form of Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020 (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed on May 8, 2020).  The Amendments No. 2 to each of the Equity Distribution Agreements listed below are substantially identical in all material respects to the Form of Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to Instruction 2 to item 601 of Regulation S-K :

(i) Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and Wells Fargo Bank, National Association and Wells Fargo Securities, LLC.

(ii) Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and SunTrust Robinson Humphrey, Inc.

(iii) Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and BTIG, LLC

(iv) Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P., JPMorgan Chase Bank, National Association and J.P. Morgan Securities LLC

(v) Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P., Bank of America, N.A. and BofA Securities, Inc.

(d)

Amendment No. 2 to the Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P., Mizuho Markets Americas LLC and Mizuho Securities USA LLC (incorporated by reference to Exhibit 1.2 to the Company’s Form 8-K filed on May 8, 2020).

(e)

Form of Equity Distribution Agreement, dated May 8, 2020 (incorporated by reference to Exhibit 1.3 to the Company’s Form 8-K filed on May 8, 2020).  The Equity Distribution Agreements listed below are substantially identical in all material respects to the Form of Equity Distribution Agreement, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to Instruction 2 to item 601 of Regulation S-K :

128


(i) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and Jefferies LLC.

(ii) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and SMBC Nikko Securities America, Inc.

(iii) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P. and Regions Securities LLC

(iv) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency

Centers, L.P., The Bank of Nova Scotia and Scotia Capital (USA) Inc.

(v) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P., Bank of Montreal and BMO Capital Markets Corp.

(vi) Equity Distribution Agreement, dated May 8, 2020, among Regency Centers Corporation, Regency Centers, L.P., TD Securities (USA) LLC and The Toronto-Dominion Bank

(f)

Form of Forward Master Confirmation, dated May 8, 2020, dated May 8, 2020 (incorporated by reference to Exhibit 1.4 to the Company’s Form 8-K filed on May 8, 2020).  The Forward Master Confirmations listed below are substantially identical in all material respects to the Form of Forward Master Confirmation, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to Instruction 2 to item 601 of Regulation S-K :

(i) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and Wells Fargo Bank, National Association and Wells Fargo Securities, LLC.

(ii) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and Bank of America, N.A.

(iii) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and JPMorgan Chase Bank, National Association, New York Branch

(iv Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and Bank of Montreal

(v) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and Mizuho Markets Americas LLC

(vi) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and Jefferies LLC

(vii) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and The Bank of Nova Scotia

(viii) Forward Master Confirmation, dated May 8, 2020, by and between Regency Centers Corporation and The Toronto-Dominion Bank.

3.

Articles of Incorporation and Bylaws

(a)

Restated Articles of Incorporation of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.A to the Company’s Form 10-Q filed on August 8, 2017).

(b)

Amended and Restated Bylaws of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.B to the Company’s Form 10-Q filed on August 8, 2017).

(c)

Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P. , (incorporated by reference to Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014).

4.

Instruments Defining Rights of Security Holders

(a)

See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Company defining the rights of security holders. See Exhibits 3(c) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of security holders.

129


(b)

Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8-K filed on December 10, 2001).

(i)

First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-K filed on June 5, 2007).

(ii)

Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 3, 2010).

(iii)

Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015).

(iv)

Fourth Supplemental Indenture dated as of January 26, 2017 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on January 26, 2016).

(v)

Fifth Supplemental Indenture dated as of March 6, 2019 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on March 6, 2019).

(vi)

Sixth Supplemental Indenture dated as of May 13, 2020 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on May 13, 2020) .

(c)

Indenture dated September 9, 1998 between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as trustee (incorporated by reference to Exhibit 4.2 of Form 8-K filed by IRT Property Company on September 15, 1998).

(i)

Supplemental Indenture No. 1, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.3 of Form 8-K filed by IRT Property Company on September 15, 1998).

(ii)

Supplemental Indenture No. 2, dated November 1, 1999, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.5 of Form 8-K filed by IRT Property Company on November 12, 1999).

(iii)

Supplemental Indenture No. 3, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.2 of Form 8-K filed by Equity One, Inc. on February 20, 2003).

(iv)

Supplemental Indenture No. 5, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.1 of Form 10-Q filed by Equity One, Inc. on May 10, 2004).

(v)

Supplemental Indenture No. 6, dated May 20, 2005, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.2 of Form 10-Q filed by Equity One, Inc. on August 5, 2005).

(vi)

Supplemental Indenture No. 8, dated December 30, 2005, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.17 of Form 10-K filed by Equity One, Inc. on March 3, 2006).

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(vii)

Supplemental Indenture No. 13, dated as of October 25, 2012, between the Company and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 of Form 8-K filed by Equity One, Inc. on October 25, 2012).

(viii)

Supplemental Indenture No. 14, dated as of March 1, 2017, among Equity One, Inc., Regency Centers Corporation, Regency Centers, L.P., and U.S. Bank National Association, as successor to Sun Trust Bank, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on March 1, 2017).

(ix)

Supplemental Indenture No. 15, dated as of July 26, 2017, among Regency Centers Corporation, Regency Centers, L.P., and U.S. Bank National Association (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on July 27, 2017).

(d)

Assumption Agreement, dated as of March 1, 2017, by Regency Centers Corporation (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on March 1, 2017) .

(e)

Description of the Company’s Securities Registered under Section 12 of the Exchange Act. (incorporated by reference to Exhibit 4(e) to the Company’s Form 10-K filed on February 18, 2020).

10.

Material Contracts (~ indicates management contract or compensatory plan)

~(a)

Form of Stock Rights Award Agreement (incorporated by reference to Exhibit 10(b) to the Company's Form 10-K filed on March 10, 2006).

~(b)

Form of 409A Amendment to Stock Rights Award Agreement (incorporated by reference to Exhibit 10(b)(i) to the Company's Form 10-K filed on March on 17, 2009).

~(c)

Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10(c) to the Company's Form 10-K filed on March 10, 2006).

~(d)

Form of 409A Amendment to Stock Option Agreement (incorporated by reference to Exhibit 10(c)(i) to the Company's Form 10-K filed on March 17, 2009).

~(e)

Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to the Company's Form 10-K filed on March 12, 2004).

~(f)

Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the Company's Form 8-K filed on December 21, 2004).

~(g)

First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005 (incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006).

~(h)

Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 14, 2011).

~(i)

Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 14, 2011).

~(j)

Regency Centers Corporation Amended and Restated Omnibus Incentive Plan (incorporated by reference to Appendix B to the Company's 2019 Annual Meeting Proxy Statement filed on March 21, 2019).

~(k)

Form of Director/Officer Indemnification Agreement (filed as an Exhibit to Pre-effective Amendment No. 2 to the Company's registration statement on Form S-11 filed on October 5, 1993 (33-67258), and incorporated by reference).

~(l)

2020 Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2020, by and between the Company and Michael J. Mas (incorporated by reference to Exhibit 90.1 of the Company's Form 8-K filed on January 7, 2020).

131


~(m)

Amended and Restated Severance and Change of Control Agreement dated as of April 27, 2017, by and between the Company and Martin E. Stein, Jr. (incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed on May 10, 2017).

~(n)

Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and Lisa Palmer (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed on July 20, 2015).

~(o)

Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and Dan M. Chandler, III (incorporated by reference to Exhibit 10.4 of the Company's Form 8-K filed on July 20, 2015).

~(p)

Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and James D. Thompson (incorporated by reference to Exhibit 10.6 of the Company's Form 8-K filed on July 20, 2015).

(q)

Fifth Amended and Restated Credit Agreement, dated as of February 9, 2021, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lender party thereto (incorporated by reference to Exhibit 4.1 to the Company’s 8-K filed on February 12, 2021) .

(r)

Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 6, 2009).

(i)

Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI-Regency, LLC (formerly Macquarie CountryWide-Regency II, LLC) (incorporated by reference to Exhibit 10.(h)(i) to the Company’s Form 10-K filed March 1, 2011).

21.

Subsidiaries of Regency Centers Corporation

22.

Subsidiary Guarantors and Issuers of Guaranteed Securities

23.

Consents of Independent Accountants

23.1

Consent of KPMG LLP for Regency Centers Corporation and Regency Centers, L.P.

31.

Rule 13a-14(a)/15d-14(a) Certifications.

31.1

Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation.

31.2

Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation.

31.3

Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P.

31.4

Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P.

32.

Section 1350 Certifications.

The certifications in this exhibit 32 are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of the Company's filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

32.1

18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation.

32.2

18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation.

32.3

18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers, L.P.

132


32.4

18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers, L.P.

101.

Interactive Data Files

101.INS+

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH+

Inline XBRL Taxonomy Extension Schema Document

101.CAL+

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF+

Inline XBRL Taxonomy Definition Linkbase Document

101.LAB+

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE+

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104.

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

+ Submitted electronically with this Annual Report

Item 16. Form 10-K Summary

None.

133


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

February 17, 2021

REGENCY CENTERS CORPORATION

By:

/s/ Lisa Palmer

Lisa Palmer, President and Chief Executive Officer

February 17, 2021

REGENCY CENTERS, L.P.

By:

Regency Centers Corporation, General Partner

By:

/s/ Lisa Palmer

Lisa Palmer, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

February 17, 2021

/s/ Martin E. Stein, Jr.

Martin E. Stein. Jr., Executive Chairman of the Board

February 17, 2021

/s/ Lisa Palmer

Lisa Palmer, President, Chief Executive Officer, and Director

February 17, 2021

/s/ Michael J. Mas

Michael J. Mas, Executive Vice President, Chief Financial Officer (Principal Financial Officer)

February 17, 2021

/s/ J. Christian Leavitt

J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)

February 17, 2021

/s/ Joseph Azrack

Joseph Azrack, Director

February 17, 2021

/s/ Bryce Blair

Bryce Blair, Director

February 17, 2021

/s/ C. Ronald Blankenship

C. Ronald Blankenship, Director

February 17, 2021

/s/ Deirdre J. Evens

Deirdre J. Evens, Director

February 17, 2021

/s/ Thomas W. Furphy

Tom W. Furphy, Director

February 17, 2021

/s/ Karin M. Klein

Karin M. Klein, Director

February 17, 2021

/s/ Peter Linneman

Peter Linneman, Director

February 17, 2021

/s/ David P. O'Connor

David P. O'Connor, Director

February 17, 2021

/s/ Thomas G. Wattles

Thomas G. Wattles, Director

134